The firm—which became something of a household name in the 1980s and 1990s through a national televesion advertising campaign—filed suit earlier this year in federal court in New York, New Jersey, and Connecticut, challenging laws in all three states that deny law firms from tapping what Jacoby & Meyers says is a source of funding that could help smaller firms compete with larger rivals, the NYLJ reports.
Outside investment in law firms is currently illegal in all 50 states, though in Washington, D.C., limited investments of up to 25 percent outside ownership are allowed, NYLJ reports. Law firms with a presence outside D.C. cannot take advantage of that rule.
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