Judge Rebuffs Challenge to Ban on Non-Lawyer Firm Ownership

, New York Law Journal

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Southern District Judge Lewis A. Kaplan said Jacoby & Meyers' suit over Rule 5.4 of the state'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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What's being said

  • Jerome Kowalski

    This lawsuit was ill conceived from the outset. Nonlawyer ownership of equity in law firms will sort itself out by the market and independent of the courts and the various bar associations; the market will find ways. http://kowalskiandassociatesblog.com/2010/10/05/will-permitting-equity-investments-in-law-firms-by-non-lawyers-or-allowing-law-firms-to-go-public-have-a-significant-impact-on-corporate-law-firms/ We have actually created a business model, under which a nonlawyer equity investor could effectively own a law firm, which we believe is compliant with all applicable ethical rules. And, I daresay, we probably not the first.

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