Jacoby & Meyers’s challenge to the ban on law firms accepting outside investors as non-lawyer partners ran into trouble yesterday as a federal judge expressed skepticism that the firm had standing and that the issues were ripe for his consideration.
Southern District Judge Lewis A. Kaplan (See Profile) also told the firm’s attorney, Jeffrey Carton, that he faced the additional hurdle of explaining why the judge should not abstain from considering the merits of Jacoby & Meyers’s challenge to New York’s Rule of Professional Conduct 5.4.
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