The American Bar Association’s Commission on Ethics 20/20 announced April 16 that it would not recommend policy changes to allow nonlawyer ownership of law firms. Since 1991, Washington, D.C., has been the only jurisdiction to allow nonlawyers such as financial officers or lobbyists to own pieces of law firms. The draft floated by the commission would have been more restrictive than the rules established in D.C. that require nonlawyer partners to provide a client service. This was to ensure that private investors did not influence legal decisions that might be to the detriment of clients.
Jamie Gorelick, co-chair of the commission and a partner at Wilmer Cutler Pickering Hale and Dorr, said the members took into account comments from the legal community before making a decision. “The feedback that we received expressed concerns about the ability to maintain professionalism when lawyers and nonlawyers are partners,” Gorelick said.
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