The American Bar Association (ABA) has said it is no longer considering a rule change that would allow limited non-lawyer ownership of law firms, reports The Am Law Daily. The decision comes after the ABA's Commission on Ethics 20/20 released a draft paper in December suggesting that non-lawyers employed by a law firm could hold minority financial interests in the firm and share in its profits. Washington DC is currently the only jurisdiction that allows such an ownership structure.
April 18, 2012 at 07:13 AM
1 minute read
The original version of this story was published on Legalweek
The American Bar Association (ABA) has said it is no longer considering a rule change that would allow limited non-lawyer ownership of law firms, reports The Am Law Daily.
The decision comes after the ABA’s Commission on Ethics 20/20 released a draft paper in December suggesting that non-lawyers employed by a law firm could hold minority financial interests in the firm and share in its profits. Washington DC is currently the only jurisdiction that allows such an ownership structure.
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