A day after a federal judge in New Jersey allowed a similar lawsuit filed by the firm to proceed, a federal judge in New York on Thursday dismissed a suit in which Jacoby & Meyers challenged a state rule that prohibits non-lawyer investment in law firms.
The 40-year-old plaintiffs’ firm filed the two suits-along with a third one in Connecticut-in May 2011 to challenge rules of professional conduct in all three states that prohibit law firms from tapping non-lawyer investors. Jacoby, which argues that allowing such investment could help smaller law firms compete with larger rivals, claims all three states’ rules are unconstitutional and impair the firm’s ability to offer low-cost legal services to underserved communities.
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