Jacoby & Meyers tackles law firm ownership restrictions
In a follow up to yesterday’s blog, I see that U.S. plaintiff law firm Jacoby & Meyers is taking a run at ownership restrictions on law firms in New York. They argue that state laws prohibiting non-lawyers from participating in law firm ownership are unconstitutional. This Thomson Reuters story suggests the firm is not going to prevail. But its arguments are interesting. In the lawsuit filed last May, the firm argued that the rule unfairly cuts them off from private equity funding and restricts individuals from getting help from law firms.