NC Lawyer and Lawmaker Introduces Bill to Permit Non-Attorney Ownership of Law Firms
A North Carolina state senator who is also a lawyer has introduced a bill in the general assembly that would permit non-attorney ownership of law firms.
Under the measure proposed by Fletcher Hartsell Jr., nonlawyers can own up to 49 percent so long as lawyers continue to control the company. A law firm bio page provides further information about Hartsell, who introduced the bill March 8.
In addition, stock certificates must state that “no nonlicensee shareholder shall interfere with the exercise of professional judgment by licensed attorneys in their representation of clients.”
The certificates must also provide that any conflict between the company’s duties to its clients and the court versus shareholders will be resolved by giving the duty to the court first priority, followed by the duty to the client.
