Navigation Ethics panel tables question on whether Florida lawyers may passively invest in out-of-state firms that include nonlawyer owners
Citing a request from the representing attorney, the Bar’s Professional Ethics Committee postponed consideration of the proposed advisory opinion regarding an ethics inquiry during the Bar’s Winter Meeting on January 20 in Orlando.
The question at issue is whether it’s permissible for a Florida lawyer to be a passive investor in an alternative business structure (ABS) in another state that allows nonlawyer ownership of law firms.
In March of last year, Bar staff initially declined to issue an opinion based on a lack of Florida precedent in this area. The inquirers, however, requested the Professional Ethics Committee review the denial.
