ABA Ditches Plan For Nonlawyer Ownership Of Law Firms

Law360, New York (April 16, 2012, 8:12 PM EDT) -- The American Bar Association has abandoned a proposal to allow nonlawyers including investigators and accountants to own limited shares in firms, cementing its longstanding policy against the practice, the association said Monday.

The ABA Commission on Ethics 20/20 decided in meetings late last week not to proceed with proposals in its December draft to allow nonlawyers who help a firm’s lawyers provide legal services to have a minority interest in the firm and share in its profits, the association said Monday.

"The commission was established [in...
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