Quentin Brogdon, partner with Crain Brogdon Rogers. Courtesy Photo Non-Lawyer Ownership of Law Firms—Coming Soon?
The concern about the proliferation of non-lawyer ownership of law firms is not a theoretical one. The largest U.S. accounting firms already practice law in just about every country that allows it.
June 02, 2023 at 03:14 PM
8 minute read
Expert OpinionAsk yourself whether the following scenario is fact or fiction in today's U.S. legal market. A large investment firm with $3 billion in assets acquires a U.S. plaintiffs' personal injury law firm after the law firm is listed on the U.S. Stock Exchange. Founded in 1935, the law firm specializes in workers' compensation claims, personal injury cases and class actions. The investment fund's acquisition of the law firm provides the law firm with "a stable capital base and a supportive operating environment," according to the law firm's press release. The fund "looks forward to working with [the law firm's] strong team of lawyers whom we are keen to retain, support and incentivize," according to the fund. The scenario is fact, not fiction. But it's a scenario that happened earlier this year in Australia with Australian law firm Slater Gordon, not in the United States. At least, not yet.
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