2nd Circ. Reopens Challenge To NY Nonlawyer Investor Rule

Law360, New York (November 21, 2012, 8:07 PM EST) -- The Second Circuit on Wednesday revived Jacoby & Meyers Law Offices LLP's constitutional challenge of a New York rule that bars law firms from selling stakes to nonlawyers, remanding the case to the lower court and allowing the firm to amend its suit.

The appeals court vacated the district court's ruling dismissing the suit and ordered the lower court to let Jacoby amend its suit to include challenges not just to the New York Rule of Professional Conduct 5.4, which prohibits nonlawyer investment in law firms,...
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