Location: United States
Category: Ownership and Investment
Jacoby & Myers says existing rules over law firm ownership violate freedoms of speech and assembly. The law firm is trying to win a lawsuit which would allow non-lawyers to invest in law firms. The managing partner of Jacoby & Myers says his aim is to simply give more clients access to justice. The ABA opposes the change, saying outside investors could push lawyers to file frivolous suits or take quick settlements to maximize profits.
Source: The Economist