Navigation PEC supports opinion that would allow Florida lawyers to passively invest in out-of-state firms that include nonlawyers
The Bar’s Professional Ethics Committee voted unanimously to support Proposed Advisory Opinion 23-1 allowing a Florida attorney to be a passive investor in an alternative business structure (ABS) in another state that allows non-lawyer ownership of law firms during its meeting at the Bar’s Annual Convention on June 23.
The opinion, now in its final form, heads to the Board Review Committee on Professional Ethics for review.
At the same meeting, the PEC approved a staff opinion holding nonlawyers may not hold the title of “chief executive officer” at a law firm, even if their role is divorced from the practice side of the business.
