The American Bar Association’s Commission on the Future of Legal Services this year revived long-running arguments over whether to allow outside investors to fund law firms. In an April issues paper, the commission noted that the United States stands apart from most other jurisdictions in mostly prohibiting such investments, and it called for the legal industry to offer input on the pros and cons.
The debate could have major implications for access to legal services in the U.S. and for the future of firms that compete globally. So why are the country’s most powerful firms sitting it out?
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