US Law Firms Might Be Next For Outside Investment

Law360, New York (April 20, 2010, 4:23 PM EDT) -- Given the success of Australia's first publicly traded law firm and an impending law that will allow third parties to invest in U.K. law firms, a reversal of the rule barring nonlawyers from investing in U.S. law firms could help the industry bounce back from a crippling recession, according to industry insiders.

The American Bar Association's model rule prohibiting nonlawyers from becoming partners in law firms was intended to preserve a distinction between the legal profession and other types of business, said Larry Ribstein, a professor...
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