Study Regulatory Change News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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Traditionally, the only place to seek legal advice in the U.S. has been at a firm owned and run by one or more lawyers.  Change, though, may be on the horizon.  A few states have loosened the rules that enforce this norm, and several more are considering it.  This shift is hardly seismic at least, not yet but, if larger jurisdictions adopt similar changes, these liberalizations may well begin to shift the national landscape.
The Current Rule
With a few inapposite exceptions, ABA Model Rule 5.4 bars lawyers from sharing legal fees with nonlawyers and forbids law firms from having nonlawyer owners or officers.  The rule is intended to safeguard lawyers’ professional independence by insulating them from the supervision of nonlawyers who might prioritize profit over duty to clients.  One practical effect of the rule is that law firms generally do not provide services outside of law, because any nonlawyers ....

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