Arizona May Have Nudged US Law Firms Toward Future IPOs
Law360 (January 19, 2021, 6:16 PM EST) -- Effective Jan. 1, Arizona became the first state in the U.S. to permanently eliminate the commonly adopted ethical rule prohibiting nonlawyers from having economic interests in law firms.
The Arizona Supreme Court eliminated the fee-sharing prohibition to improve access to justice and encourage innovation in the delivery of legal services, and I take no issue with such salutary aims.
The court categorized businesses with combined lawyer and lay ownership as alternative business structures which will have to be licensed by the court.
This article addresses one aspect of the alternative business structures that has received scant attention: the likelihood that once...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!