Second Circuit Rejects Law Firm Challenge to NY Rules Barring Non-Lawyer Investment in Law Firms

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.

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