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Posts Tagged ‘bill’
Become a Certified Patriot by Donating Cash to Draw Down the National Debt
17
Dec
That’s the idea behind Representative Don Young (Alaska) DebtPatriots.Gov Act of 2011. Introduced last month, H.R. 3504 calls for the creation of federal government website dedicated to collecting donations to reduce the country’s public debt. Quoting from the bill, here…
Televising SCOTUS Proceedings: Serious Issues While Tossing in a Cynical 2-Cents Perspective and a Bit of Power Broker History
14
Dec
On Dec. 5, 2011, S. 1945 was tossed in the bill hopper (OK, I’m old school!), quickly read twice, because, well, the text really is brief, and referred to the Committee on the Judiciary. Hearings were held by the Subcommittee…
Televising SCOTUS Proceedings: Serious Issues While Tossing in a Cynical 2-Cents Perspective and a Bit of Power Broker History
14
Dec
On Dec. 5, 2011, S. 1945 was tossed in the bill hopper (OK, I’m old school!), quickly read twice, because, well, the text really is brief, and referred to the Committee on the Judiciary. Hearings were held by the Subcommittee…
SOPA Goes To A (Carefully Managed) Hearing
16
Nov
The Stop Online Piracy Act (SOPA) is headed to a hearing today before the full House Judiciary Committee. Well, we’ll call it a hearing because there is at least one party testifying that opposes the bill, and that is Katherine…
Should law firms be owned by non-lawyer investors?
19
May
There has been much discussion recently in various venues about whether 5.4 of the US Rules of Professional Responsibility should be amended or revised to permit investment in law firms by non-lawyer, or non-lawyer entities, or even ownership of US law firms by non-lawyer entities. The ABA’s Ethics 20/20 Commission is circulating a paper on the subject and is soliciting comments.
Known in the United Kingdom as Alternative Business Structures (ABS), this new form of law firm organization, authorized by the UK Legal Services Act of 2007, will be permitted after October 6, 2011. Alternative Business Structures are already permitted in Australia, where several law firms have already gone public.
Other than the State of North Carolina where there is bill pending to permit non-lawyer ownership of up to 40% of a law firm, there has been little movement in the US to make change Rule 5.4 Some hybrid models are beginning to emerge in the US, but they are a workaround the existing rules.
There is no clear path for non-lawyer ownership or investment in a law firm in the United States, and as a result it is arguable that the legal services delivery system lacks the capital necessary to innovate and create the efficient systems that are necessary to serve not only the "latent market for legal services", but existing legal markets more effectively. Resources from Labor Law Compliance Center offer mandatory federal & state labor law posters or combination labor law posters for government business compliance.
Now comes Jacoby & Meyers, a law firm that has pioneered in changing the way legal services are delivered, filing multiple law suits in the Federal District courts of New York, New Jersey, and Connecticut against the presiding state justices in those states responsible for implementing and enforcing Rule 5.4, requesting that the Rule by overturned. The Complaint makes clear that Jacoby & Meyers "seeks to free itself of the shackles that currently encumber its ability to raise outside financing and to ensure that American law firms are able to compete on the global stage"
Click here for a complete version of the Complaint.
Andrew Finkelstein, the Managing Partner of Jacoby & Meyers, and also the Managing Partner of Finkelstein & Partners, said that "No legitimate rationale exists to prevent non-lawyers from owning equity in a law firm. The time has come to permit non-lawyers to invest in law firms in the United States,"
Now the fun begins!
Disclosure: Finkelstein and Partners is a subscriber to our DirectLaw Virtual Law Firm Service.
