Being “familiar” is not always good.
Two days ago Jacoby & Meyers brought suit to sell themselves. To non-lawyers. You can read about it at the WSJ Law Blog.
This is an awful idea. According to Andrew Finkelstein, the managing partner of Jacoby & Meyers:
There is no legitimate rationale that exists to prevent nonlawyers from owning equity in law firms.
Yes, there are legitimate reasons. But having written about them just two months ago when North Carolina contemplated legislation along these lines, I don’t feel compelled to re-write the piece. My reasons why this is such a poor idea are set forth here:
North Carolina to Allow Non-Lawyers to Buy Interest in Firms? (Lousy Idea)
But it’s also worth noting one particularly odious thing about the Complaint. It says they are suing:
“…on behalf of itself and all others authorized to practice law in the State of New York…”
Let’s be clear about this: Jacoby & Meyers, you do not speak for me.
They should add a rule that the owners will be jointly liable for any attorney malpractice, and that they can’t buy professional liability coverage (because they are not professionals).
I’m 100% against the idea, but if it ever should pass, they should be bound under the same ethics rules.