NY Attys Push To Allow Outside Investment In Law Firms

Law360, New York (August 29, 2011, 6:27 PM EDT) -- New York attorneys hoping to overturn an ethics rule that bars law firms from selling stakes in themselves to nonlawyers asked a federal judge Friday to keep their case alive, saying cheap capital would make legal services more affordable.

The suit, brought in May by 60-person Jacoby & Meyers Law Offices LLP, targets New York state's appeals court judges in an effort to force a change in a state professional conduct rule that says nonlawyers can't own any part of a law firm.

That rule, which...
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