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Second Circuit Upholds Ban on Private Investment in Law Firms
A federal appeals court rejected an attempt to loosen restrictions on private investment in the legal industry, dismissing arguments that ethics rules on so-called “fee splitting” impinge on lawyers' First Amendment rights. Jacoby & Meyers v. The Presiding Justices, No. 15-2608 (2d Cir March 24, 2017) (http://bit.ly/2oRS2Nk).
The decision, which affirms a 2015 district court ruling, is a blow to Los Angeles-based personal injury firm Jacoby & Meyers, which has fought a nearly six-year legal battle against the prohibition on non-lawyers investing in law firms and sharing in legal fees.
The firm had argued it needed infusions of capital to expand its operations, hire new attorneys and staff, improve infrastructure and buy new technology. The improvements would allow the firm to lower its fees and expand its ability to represent needy clients, the firm said.
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