Concerned in-house counsel can breathe a sigh of relief. For now, at least, it looks like outside law firm ownership will not be on the table for US law firms. Wall Street investors who were prepping their “Occupy Biglaw” signs will have to continue their fight in the future.
While recommending that nonlawyers be allowed to take an equity stake in firms for which they work, an American Bar Association commission suggests maintaining an existing ban on the kind of outside investment in U.S. law firms that is now possible in the United Kingdom and Australia.
[via: ABA Panel Says No to Outside Law Firm Ownership at the American Lawyer]