Four months after soliciting feedback from the legal community on the subject, an American Bar Association panel is no longer considering whether to allow limited nonlawyer ownership of law firms.
The ABA’s three-year-old Commission on Ethics 20/20 released a draft paper in December suggesting that nonlawyers employed by a law firm could hold minority financial interests in the firm and share in its profits. As of now, Washington, D.C., is the only jurisdiction that allows such an ownership structure.
