Sentences with phrase «ownership by nonlawyers»
Not exact matches
The «protectionist instincts» that I and others have are (1) to protect the independence of the bar (sure to be lost eventually under nonlawyer ownership), (2) to protect the health of the legal marketplace (sure to be badly harmed by the cartelization of ABS (see the 5 % commissions charged by the cartel of real estate agencies who still control the vast majority of the realty market, and especially see the ridiculously high costs of dealing with the American title insurance industry where four companies have upwards of 87 % of the conveyancing and title insurance market after first decimating the real estate bar with predatory pricing and other unfair business practices)-RRB-, and (3) to protect the public from those ravages.
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Save for one exception, the District of Columbia is the only jurisdiction in the U.S. that under very limited circumstances actually permits ownership or management of a law firm by nonlawyers.
The sharing of legal fees with nonlawyers and the ownership and control of the practice of law by nonlawyers are inconsistent with the core values of the legal profession.
«The nonlawyer investment ownership and management reforms adopted by our common law cousins were put into place many years ago.
In the United States this complete bar to nonlawyer ownership has been codified by the American Bar Association as paragraph (d) of Rule 5.4 of the Model Rules of Professional Conduct and has been adopted in one form or another in all U.S. jurisdictions, [1][2] except the District of Columbia.
[3] However, D.C.'s rule is narrowly tailored to allow equity ownership only by those nonlawyer partners who actively assist the firm's lawyers in providing legal services, and does not allow for the sale of ownership shares to mere passive nonlawyer investors.
The U.K. had a similar rule barring nonlawyer ownership, but under reforms implemented by the Legal Services Act of 2007 law firms have been able to take on a limited number of non-lawyer partners and lawyers have been allowed to enter into a wide variety of business relationships with non-lawyers and non-lawyer owned businesses.