Constitutional Challenge to Non-Lawyer Ownership of New York Law Firms Lives . . . For Now

more+
less-

The Second Circuit has revived Jacoby & Meyers’s lawsuit challenging the constitutionality of Rule 5.4 of the NY Rules of Professional Conduct, which prohibits non-lawyer ownership of law firms. The district court had dismissed the lawsuit on the ground that multiple state laws –notably N.Y. Jud. Law § 495 and N.Y. LLC Law § 201 – independently prohibit non-lawyer equity investment in law firms and, thus, any decision invalidating Rule 5.4 would be merely advisory. Nevertheless, the appellate court's resuscitation of the lawsuit is unlikely to threaten New York’s long-standing prohibitions against non-lawyer ownership of law firms, since federal courts traditionally defer to states on lawyer regulation.

View the original post with live links at the Legal Ethics Forum Blog: http://www.legalethicsforum.com/blog/2012/11/nicole-hyland-constitutional-challenge-to-non-lawyer-ownership-of-new-york-law-firms-lives-for-now.html

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Nicole Hyland, Frankfurt Kurnit Klein & Selz | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×