In his opinion piece “Rule barring nonlawyers from investing was key” [NLJ, June 18], James R. Denlea contends that Rule 5.4 of the American Bar Association Model Rules, which bars nonlawyers from ownership of law firms, prevented Dewey & LeBoeuf from being saved by an infusion of capital from nonlawyer investors.
Mr. Denlea, whose firm is representing Jacoby & Meyers in a suit challenging New York’s rule on nonlawyer investment, states that the rule is antiquated and has “no special ethical weight.” He asserts that elimination of the rule would “help to avoid further Dewey-style bankruptcies.” In addition, claiming the mantle of the public interest, Mr. Denlea suggests that elimination of the rule would free up capital for firms that provide legal services to low-income clients.
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