Changing the Ethics Rules Is Key To Law Firm Innovation
California is moving one step forward to giving law firms in the state a head start in the race to innovate. On June 28, 2019, a California State Bar task force recommended changes to the ethics rules that would permit nonlawyers to invest in law firms — which could unleash a new wave of innovation.
Innovation requires a clear vision, access to capital and world-class technology talent. These three ingredients are readily available around the U.S., but are largely inaccessible to law firms due to outdated, protectionist policies that prevent nonlawyers from being firm members, and from investing in law firms.