The New York State Bar Association (NYSBA) is set to review the issue of outside ownership of law firms, but has confirmed that at present lawyers practising in New York cannot be part of a foreign firm in which non-lawyers hold a stake.
The NYSBA has launched a taskforce, chaired by former state Bar president Stephen Younger, to reconsider its “historical opposition” to non-lawyer ownership of law firms. The 77,000-member association, founded in 1876, is the largest voluntary state Bar association in the US.
