U.S. lawyers know ABA Model Rule 5.4 prohibits them from sharing profits or forming partnerships with those who aren’t licensed to practice. In theory, this rule keeps the lawyering safely in the hands of the lawyers (and revenue from the practice of law safely ensconced at traditional law firms).
But does it really? And do outsiders looking to invest huge sums of money in the legal profession—in hopes of huge gains—even have their sights set on traditional law firm profits?
Not really....
