Law360, New York (February 03, 2012, 6:08 PM ET) -- The New York State Bar Association is going to re-examine its position on whether nonlawyers can invest in law firms in response to an American Bar Association proposal that aims to open equity ownership to outsiders, NYSBA officials said Thursday.
NYSBA President Vincent E. Doyle III of Connors & Vilardo LLP told the ABA's Commission on Ethics 20/20 that while the organization has historically opposed nonlawyers owning equity interest in law firms, certain changes in the legal profession mean the idea “is worthy of serious consideration.”...
NY Bar To Weigh Nonlawyer Investment In Law Firms
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