Navigation Ethics opinion to allow Florida lawyers to passively invest in out-of-state firms that include nonlawyer owners to be published for comment
The Board of Governors has approved publishing proposed Advisory Opinion 23-1, which would allow a Florida lawyer to be a passive investor in an alternative business structure (ABS) in another state that allows non-lawyer ownership of law firms.
At a July 28 meeting in Sarasota, the board voted without objection to allow the proposed opinion to be published for comment.
“Staff initially declined to offer an opinion because there was a lack of precedent in the matter,” said board member Brian Burgoon, chair of the Board Review Committee on Professional Ethics. “We haven’t published it for comment yet, because we wanted the board to have an opportunity to look at it.”
