Attorney

In the United States this complete bar to nonlawyer ownership has been codified by the American Bar Association as paragraph of Rule 5.4 of the Model Rules of Professional Conduct.

The rule is controversial. It is justified by many in the legal profession, notably the American Bar Association which rejected a proposal to change the rule in its Ethics 2021 reforms.

Law firms operating in multiple countries often have complex structures involving multiple partnerships, particularly in jurisdictions such as Hong Kong and Japan which restrict partnerships.

Law firm mergers tend to be assortative, in that only law firms operating in similar legal systems are likely to merge. For example, U.S. firms will often merge with English law firms.

Though mergers are more common among better economies, slowing down a bit during recessions, big firms sometimes use mergers as a strategy to boost revenue during a recession.

Lawyers in small cities and towns may still have old-fashioned general practices, but most urban lawyers tend to be highly specialized due to the overwhelming complexity of the law.