Gregory M. Boyle and John R. Storino | Lexology
In the past, we have reported on nonlawyer investment in law firms and there are two recent developments to report under the professional conduct rules.
First, the New York State Bar Association (“NYSBA”) reaffirmed its opposition to allowing nonlawyers to own an interest in law firms. At the same time, the NYSBA endorsed the concept of allowing fee sharing among lawyers in different firms even when one of the firms is located in a jurisdiction that permits nonlawyer ownership. NYSBA, Report of the Task Force on Nonlawyer Ownership (2012). In December 2011, the ABA Ethics 20/20 Commission published for comment a tentative proposal for a modest change in the ABA Model Rules of Professional Conduct to allow nonlawyers to have a partial stake in law firms.
