Peter Giuliani can remember when some state bar organizations were squeamish about the idea of allowing lawyers to form limited liability companies. After all, in the noble legal profession, every lawyer had a higher calling to take full responsibility for his or her work.
Fast forward to the present, and most law firms have become LLCs, providing attorneys with reduced financial exposure. But Giuliani does not see a similar trajectory for proposals calling for the end of ethical rules banning non-lawyer ownership of firms or non-lawyer investment in firms.
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