ABA Panel Gives Up On Nonlawyer Limited Ownership Proposal
The American Bar Association's panel has decided not to allow limited nonlawyer ownership of law firms. ABA has made the decision based on four months of feedback from the legal community over the matter. ABA's Commission on Ethics 20/20 first announced the proposal in December 2011. The commission had proposed that nonlawyers employed in a law firm should be allowed to have minority financial interests and share in the law firm's profits. Currently, Washington D.C. is the only place where such an ownership structure is allowed.