On the heels of an American Bar Association commission’s release of an issues paper on allowing non-lawyers to hold a minority ownership role in law firms, Jacoby & Meyers on Friday fired broadside at a New York court rule barring firms from accepting outside investments.

The firm’s memorandum, which was submitted to the U.S. District Court for the Southern District, comes in response to a motion filed earlier this summer by Attorney General Eric T. Schneiderman.