Rule 5.8 Business Structures Involving Lp and Lawyer Ownership
Law Firms and Associations
Rule Text
(a) Notwithstanding the provisions of Rule 5.4, a lawyer may (1) share fees with an LP who is in the same firm as the lawyer; (2) form a partnership with an LP where the activities of the partnership consist of the practice of law; or (3) practice with a firm or other business structure in which an LP owns an interest or serves as a corporate director or officer.
(b) A lawyer and LP may practice in a jointly owned firm or other business structure under subsection (a) of this Rule only if
(1) LPs do not direct or regulate any lawyer’s professional judgment in rendering legal services;
(2) LPs have no direct supervisory authority over any lawyer;
(3) LPs do not possess a majority ownership interest or exercise controlling managerial authority in the firm; and (4) lawyers with managerial authority in the firm expressly undertake responsibility for the conduct of LP partners or owners to the same extent they are responsible for the conduct of lawyers in the firm under Rule 5.1.
Amendment history: Adopted 02/01/26.