Law Firm Pushes 2nd Circ.To Resurrect Outside Investor Suit

Law360, New York (October 5, 2012, 6:48 PM EDT) -- Jacoby & Meyers Law Offices LLP asked the Second Circuit on Friday to revive a constitutional challenge of a New York rule that bars law firms from selling stakes to nonlawyers, saying a decision that it lacked standing was improper.

Jacoby claims the restriction on law firms' raising money from outsiders violates its constitutional right to association as well as the people's right to access the justice system. The challenge the firm has mounted could, if allowed to go forward, dismantle the whole apparatus of state...
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