Firm Can't Knock Down NY Rule Barring Nonlawyer Investment

Law360, New York (March 8, 2012, 6:12 PM EST) -- A federal judge on Thursday dismissed Jacoby & Meyers LLP's suit challenging a New York rule barring nonlawyers from investing in law firms, saying a ruling on the case would be an unconstitutional advisory opinion because other laws also prohibit such investments.

U.S. District Judge Lewis A. Kaplan said that even if a section in the New York Rules of Professional Conduct for attorneys were overturned, New York law wouldn't allow the firm's existing limited liability partnership to add nonlawyer partners.

Jacoby & Meyers also proposed...
To view the full article, register now.