New York-based lawyers have been banned from joining a new breed of law firm that allows external investors in a move that could deal a blow to international firms considering third-party capital.
The New York State Bar Association, the biggest of America’s lawyer groups with 77,000 members, said on Wednesday it had ruled that any of its attorneys who predominantly work in the state cannot be an employee of a firm with non-lawyer owners, no matter where in the world the firm is headquartered.
