Four months after soliciting feedback from the legal community on the subject, an American Bar Association panel is no longer considering whether to allow limited nonlawyer ownership of law firms.
The ABA’s three-year-old Commission on Ethics 20/20 released a draft paper in December suggesting that nonlawyers employed by a law firm could hold minority financial interests in the firm and share in its profits. As of now, Washington, D.C., is the only jurisdiction that allows such an ownership structure.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
