Who Owns You? — Law firms, at least in the U.S., have long been barred from ownership by nonlawyers, the principal rationale being that lawyers’ professional responsibilities should not be controlled or influenced by business pressures. But with other countries, notably the United Kingdom, having loosened the restrictions, and with the American Bar Association considering similar measures, change may be in the offing.
But Jacoby & Meyers wants to hasten the process, and toward that end filed federal suits this week in three states aimed at toppling ethics bans on nonlawyer investment. One was filed Wednesday in Trenton, Jacoby & Meyers v. The Justices of the Supreme Court of New Jersey, alleging that Rule of Professional Conduct 5.4 restricts interstate commerce and violates firms’ free speech, due process and equal protection rights. Virtually identical suits were filed in New York and Connecticut.
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