The myth that lawyers aren't running sophisticated business enterprises which look more like modern corporations than traditional law firms is just that — a myth.

Connecticut, like just about every other jurisdiction other than D.C., has adopted a version of ABA Model Rule 5.4, which prohibits nonlawyer investment and involvement, either as a partner or shareholder, in an entity offering legal services to the public. Maybe it's time to consider the wisdom of that rule.

The origins of the prohibition go way back, right to the beginning of lawyer regulation, and reflect a concern that lawyers who had to answer to nonlawyer shareholders might put the interests of the shareholders or stakeholders above those of the clients. This is a legitimate concern, but there are ways to handle the issue other than an absolute prohibition.