Defining Fiduciary Duties in a Majority Nonlawyer-Owned Law Firm: How Allowing Nonlawyer Owners Could Impact State Requirements of Director Fiduciary Duties

Abstract

Various calls have been made to reform the Model Rule of Professional Responsibility’s Model Rule 5.4, which prohibits nonlawyers from forming partnerships with lawyers or in the sharing of profits with lawyers. This paper looks to how allowing such a partnership could impact the required fiduciary duties of directors and officers.