Bite-Sized Business Law Stephen Younger and Adrian Chopin on Nonlawyer Ownership of Law Firms
Should nonlawyers be allowed to own law firms to increase capital and access to the legal system, or are there ethical concerns associated with nonlawyer involvement and their lack of fiduciary duties? On this special live episode of the Bite Sized Business Law Podcast, we are joined by seasoned litigator and former New York State Bar Association President, Stephen Younger and the founder and managing director of Bench Walk Advisors, Adrian Chopin to discuss this controversial issue. Tuning in, you’ll hear all about what nonlawyer ownership of law firms means, why it has become a massive debate in the USA, how the UK has implemented it, and the main concerns of this type of model. Stephen argues that nonlawyer-owned firms are not bound by the same ethical duties, will ignore pro bono obligations to make money, and do not contribute to the legal system positively, while Adrian believes that this model does not create any more capital issues than traditional firms, supports incredible innovation, and can solve many problems in the system. We delve into the importance of modernizing the legal system before our guests share how they think this model will evolve in the near future. Finally, we open up to the floor for some interesting and informative questions from our live audience. Be sure to join us for this nail-biting debate and hear two sides of a controversial argument in legal practice today!
Key Points From This Episode:
- A brief overview of the Corporate Law Center at Fordham University.
- What Associate Dean Joe Landau loves about the Bite Sized Business Law Podcast.
- An introduction to today’s guests, Stephen Younger and Adrian Chopin.
- The basic principle behind nonlawyer ownership of law firms and why it’s such a debate.
- Adrian shares what is happening in the UK with alternative business structured law firms.
- Why Stephen likes litigation finance and how it differs from this new scenario.
- The differences (or lack thereof) between capital from lawyers and capital from third parties.
- The main concern with regards to nonlawyer ownership of law firms.
- Why nonlawyer law firm owners may not be bound by the same ethical duties as lawyers.
- How well-known brand names absorbing law firms may affect the practice of law.
- The importance of modernizing legal practice.
- How this model affects pro bono services and why.
- How our guests think this model will play out in the next few years.
- Why Stephen wants to see a model that will solve access to justice in America.
- Why Adrian thinks this model can solve many other problems.
- The consequences to the investor when it comes to unethical practice.
- How the role of lawyers is approached differently in the US as opposed to other countries.
- How outside shareholders may approach highly controversial cases.
Links Mentioned in Today’s Episode: