In Jacoby & Myers, LLP v Presiding Justices of the First, Second, Third and Fourth Departments, the Second Circuit rejected a law firm’s challenge to NY’s rules barring non-lawyer investment in law firms. The Court held that lawyers do not have First Amendment rights to associate and petition by accepting non-lawyer investment, and even if they could assert such rights, NY’s rules serve a legitimate state interest in the regulation of lawyers.
The Second Circuit’s opinion can be found here.
New York Appeals 