Written by Danny Foster
Recently, we wrote a guest post for our friends over at UpCounsel on Fee Sharing, Innovation, and the Consumer Interest. You’ll have to click through to read the whole thing, but (briefly) the argument runs as follows:
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Written by Tom Gordon
There's an excellent blog post by Ron Friedmann at Prism Legal arguing for abolishing the prohibition on outside investment in law practices, a position that Responsive Law strongly supports. In a responding blog post, Brian Focht at The Cyber Advocate claims that only bankers would benefit from lifting this restriction, and that those who want to do so are only interested in making more money. It's a common objection, so we'd like to address it here. A recent survey found that 60 percent of British consumers would consider buying legal services from a nationally known brand such as Barclays or Virgin. Although we know of no comparable study for American consumers, we expect that their preferences would be similar. Unfortunately, legal ethics rules prevent non-lawyers from having an ownership interest in a law firm, preventing national brands from taking root in the US. This prohibition is unfortunate, not because large non-lawyer corporations would necessarily provide better legal services than law firms, but because outside investment could be the key to making legal services available to the general public.
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