Southern District Judge Lewis A. Kaplan has scheduled oral arguments for 11 a.m. on Nov. 3 in connection with Jacoby & Meyers’ challenge to a court rule on professional conduct prohibiting non-lawyer ownership interest in law firms.
Jacoby & Meyers claims Rule 5.4 violates several constitutional provisions and prevents law firms from securing the outside investment needed to establish and maintain a modern practice (NYLJ, May 20). The firm claims the prohibition against non-lawyer investment increases the cost of capital to law firms and drives up the cost of legal services to consumers.
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