There has been an amazing confluence of events in the field of law firm financing in the last few weeks, and, for my money (no double entendre intended), what was already complicated and confusing may have become more so.
First, the lawsuit by the firm of Jacoby & Meyers seeking to overturn the prohibition on non-lawyer investment in law firms was dismissed with a scathing decision that found the plaintiffs’ constitutional arguments laughable, if not sanctionable. At about the same time, there appeared ethics opinions in Oregon and New York allowing “crowdfunding” to raise capital for law firms. Overshadowing all of this has been the ongoing criminal trial over the collapse of Dewey & LeBoeuf, wherein it is alleged that the firm’s management cooked the books to maintain the charade that the firm was profitable so that its lenders and bondholders would continue to support it.
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