5 Forces Pushing for Nonlawyer Ownership of Firms in the U.S.
Check out how four states and the largest association of U.S. lawyers wants to shake up ownership of law firms.
January 03, 2020 at 10:00 AM
1 minute read
The original version of this story was published on Legal Tech News
This year California, Utah, Arizona and Illinois have launched committees to examine the impact of allowing those without a Juris Doctor to have an ownership stake in law firms. Some in the American Bar Association also seem receptive to discussing and potentially loosening law firm ownership requirements. If the U.S. changes some of its age-old requirements, it wouldn't be the first country to do so. Indeed, the U.K. Solicitor Regulation Authority issued the first alternative business structure (ABS) to a law firm in 2012, allowing a U.K. law firm to accept external equity from nonlawyers. Meanwhile, Australia also has an incorporated legal practice (ILP) that allows a corporation to engage in legal practice without a lawyer, if its authorized principal is a certified lawyer. There's a long road ahead, but the conversation has officially begun. Here's a look at the forces pushing for changes in the U.S. legal business model.
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