Fee Sharing | Jacoby & Meyers Law Offices, LLP Challenges N.Y. Prohibition of Non-Lawyer Firm Ownership

Hmmm…

This is interesting….

Suit Challenges N.Y. Prohibition of Non-Lawyer Firm Ownership

Lawsuits filed by Jacoby & Meyers challenging state prohibitions on nonlawyers owning interests in law firms have added fuel to the debate over how to protect the interests of clients should American law firms ever be allowed to accept outside investment.

In virtually identical lawsuits filed Wednesday in New York, Connecticut and New Jersey, Jacoby & Meyers casts its challenge as client-friendly, claiming the ban on nonlawyer investment denies firms the ability to raise outside capital, denying most lawyers “a critical source of funding” that “dramatically impedes access to legal services for those otherwise unable to afford them.”

Jacoby & Meyers’ legal argument is based on the Commerce Clause and several other provisions of the U.S. Constitution. For example, the complaint in New York claims that small law firms are unable to compete because of the “out-of-date” restriction in Rule 5.4 of the New York Rules of Professional Conduct that governs the independence of law firms and the sharing of fees with non-lawyers. A similar provision exists in Connecticut, New Jersey and most other jurisdictions. The firm says that abolishing the rule would level the playing field because small firms do not have the same access to capital that Wall Street firms have to improve technology and infrastructure, expand offices and hire personnel.

Check out the rest of the article here…

Isn’t this what Lender Processing Services, the servicers and their attorneys are having “issues” with?

Full complaint below…

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4closureFraud.org

h/t Marilyn

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Jacoby & Meyers Law Offices, LLP v. The Presiding Justices of the First, Second, Third, Fourth Departments, Appellate Division of the Supreme Court of the State of New York


Comments
One Response to “Fee Sharing | Jacoby & Meyers Law Offices, LLP Challenges N.Y. Prohibition of Non-Lawyer Firm Ownership”
  1. debi J says:

    If the bar or the justice department were serious about bringing any real charges, it seems the simplest thing to do to identify situations like fee splitting. Open their books. Look at the general ledgers for the firms at least and for gods sakes. This whole system has HIV. The immune system eventually fails without a cocktail of meds. If the HIV is gone untreated for too long the virus kills the host by disabiling its immune system. This is what the banks and the lawyers have done to the financial and legal syems thru out america. Hiv will eventually spawn a new virus that is not responsove to the other antivirals….sure seems like the perfect analogy for what has become a fiasco and freak show. The lawyers are rigging and sharing and LYING and aiding and abetting with the banks. This is so clear and so blatant–how can there be NO arrests? If any of us defrauded America- I’m sure we would be with bernie. I can’t wait to hear all that bernie knows. I’m sure chase won’t like that very much since they kept all the interest and no one cares and paid bonuses and stole houses. Oh whatever right. May god bless those honest americans and may the devil has his reign with every one else….praying now and not with the C house in washington who pray for all their evil ways and pretend it is in Gods name. Have fun with those future devils of congress too satan. Debi

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