Lawsuits filed by Jacoby & Meyers challenging state prohibitions on nonlawyers owning interests in law firms have added fuel to the debate over how to protect the interests of clients should American law firms ever be allowed to accept outside investment.
In virtually identical lawsuits filed Wednesday in New York, Connecticut and New Jersey, Jacoby & Meyers casts its challenge as client-friendly, claiming the ban on nonlawyer investment denies firms the ability to raise outside capital, denying most lawyers “a critical source of funding” that “dramatically impedes access to legal services for those otherwise unable to afford them.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]