Non-lawyer ownership of law firms are still illegal in the U.S. even though they are now permitted in Australia, the United Kingdom and, soon, Canada. So how is a U.S. firm becoming a fully-licensed ABS (alternative business structure)? It seems they do it by putting “UK” after their London firm name.
LegalFutures, the UK-based legal blog, today reported that New York-based Cahill Gordon & Reindel just became the first U.S. firm to do so. (Last week they reported that Jenner & Block was the first but today retracted that.)
Cahill Gordon & Reindel’s ABS will have non-lawyer ownership, making it a true ABS. Their stated purpose is to expand their litigation offerings to clients in the UK and internationally. Why this requires non-lawyer participation in the firm’s ownership is still unexplained.
I have sent a query to the firm for more information. Watch this space.