This is the fifth entry in my series on Alternative Business Structures (“ABS”). I’ve posed the question: is it time to amend (or rescind) Rule 5.4 so as to allow
- nonlawyer ownership of law firms;
- nonlawyer management of law firms;
- multidisciplinary practice.
- Is it time for nonlawyer ownership? An introduction to ABS
- What is ABS and who allows it?
- ABS: Arguments in Favor
- ABS: Arguments Against
The issues paper includes some key findings. Reviewing various studies of systems that have allowed ABS, the Commission noted:
- There is no evidence that ABS has caused harm.
- ABS has increased funding for innovation.
- Jurisdictions have stayed with ABS.
The Commission’s conclusions are discussed in-depth on pages 12-14 of its issues paper.