www.vtbar.org
Non-lawyer Ownership
I envision the future including a relaxation of many of the provisions in Rule 5.4.
Right now, the ethical rules prohibit lawyers from sharing profits with non-lawyers.
That has been interpreted to mean that
lawyers are prohibited from taking or allowing non-lawyers to invest in their firms. I
think that is going to change. I envision an
end to the ban on partnerships with nonlawyers and an end to the ban on practicing in a professional corporation or association in which non-lawyers have ownership
interests. Most commonwealth countries,
the District of Columbia, and the state of
Georgia have already taken this step. Such
partnerships allow lawyers to purchase the
technology needed to make them competitive and to allow them