A challenge by Jacoby & Meyers to New York state’s ban on law firms accepting equity investments from non-lawyers has been dismissed by a federal judge.
Southern District Judge Lewis A. Kaplan (See Profile) on March 8 said the personal injury firm’s lawsuit challenging Rule 5.4 of New York’s Rules of Professional Conduct must fail because the rule is not the only one in New York that “forecloses plaintiffs from receiving non-lawyer equity investment,” but it was the only one challenged by the firm.
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