All U.S. jurisdictions (except DC) prohibit anyone not a lawyer from owning an equity interest in a law firm. Proponents of the prohibition have argued that it is an element of legal professionalism and serves the interests of lawyers' clients. Great Britain and Australia have recently abandoned this prohibition, arguing that clients may be better served by well-financed practice organizations that can acquire technology and other resources for efficient practice. Both countries have substituted regulation of practice entities' behavior for limitations on who their owners may be.
- Mr. Francis J. Menton, Jr., Partner, Willkie Farr & Gallagher LLP
- Prof. Thomas D. Morgan, Oppenheim Professor of Antitrust and Trade Regulation Law, George Washington University Law School
- Mr. John E. Thies, President, Illinois State Bar Association, and Shareholder, Webber & Thies, P.C.
Call begins at 2:00 p.m. Eastern Time.
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