More From The Industry On Non-Lawyer Law Firm Ownership
by: Tom Hochstatter, President
I was thrilled to see more IP industry leaders and the IP press weigh into this recent Arizona ruling after my last blog post. There is no question in our minds that this will be a hotly contested space moving into 2021. Our attention will not only turn to prospective tie ups but we’ll be following the money equally close.
Here is an excerpt from Richard Lloyd, from IAM on his survey of the IP industry and of a couple of us “industry pundits”…John Amster and John Harrity for sure; me, not so much, but always neat to see one’s name in print next to true thought leaders.
“The question of when will depend on how quickly other states follow Utah’s and Arizona’s lead. The expectation is that as and when that happens IP will be one of the areas to be affected. The provision of legal services to IP owners could be ripe for an influx of capital to further the use of technology, drive greater efficiencies and bring about a management shake-up to relatively staid legal practices.”
We’ve seen movement on ownership in California and a couple other states. If one of the bigger states rules in favor perhaps that is enough of a catalyst to cause more to flood toward non-lawyer ownership. Or, will the driver be the investments that come and shape how, and how fast things change?
I’d really like to hear your thoughts on the progress that is being made in the legal services sector. Please reach out.