In 2011, the national personal injury firm Jacoby & Meyers sparked debate by filing lawsuits in three states that challenged bans to nonattorney investment and ownership in law firms. The idea was to infuse new financial blood into what some saw as an outdated business model.
But after the original wave of publicity, little was heard of the cases. Now comes word that Jacoby & Meyers has decided to drop its challenge to New Jersey’s ban on nonattorney ownership and focus on lawsuits filed in Connecticut and New York.
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