A national law firm has filed lawsuits in New York, New Jersey and Connecticut challenging longstanding rules that prevent non-lawyers from having ownership interests in law firms.
Jacoby & Meyers Law Offices LLP says it seeks to change the landscape of the business of law by overturning state regulations that impede the ability of law firms to raise capital. Rules of Professional Conduct in Connecticut, New Jersey and New York, where the suits were filed, restrict a lawyer from practicing “with or in the form of an entity authorized to practice law for profit, if ” . . . a non-lawyer owns any interest therein.”
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