An American Bar Association commission is considering recommending that nonlawyers be allowed to take an equity stake in law firms for which they work while urging that an existing ban be maintained on the kind of outside investment in U.S. firms that is now possible in the United Kingdom and Australia.
If the panel’s recommendation moves forward, the proposal to let nonlawyers own a piece of firms that employ them wouldn’t become an ABA model rule for more than a year, and would still need to be adopted by individual states. While all 50 states currently ban such nonlawyer ownership of law firms, Washington, D.C., has allowed it for more than two decades.
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