I’ve spent a lot of time over recent months thinking about alternative business structures and how to think about regulatory liberalization.
Except in very limited circumstances, only lawyers can have an ownership interest in a legal practice whether organized as a partnership, a limited partnership or a professional corporation. As a practical matter, only legal and strictly ancillary services can be offered to clients by a legal practice.
Individuals and small businesses are overwhelmingly served by lawyers in sole practice or in small firms. Lawyers sell their time to clients. Time is measured in billable hours. The . . . [more]