Chesco Firm Affiliates With Local Financial ConsultantsMarch 28, 2011 – In The News
Pa.-based law firm Lamb McErlane has formed an affiliation with Berwyn Capital Interests, a crisis management and consulting firm. The affiliation has stirred up discussion on the advantages and complications of such partnerships.
Abraham C. Reich said nonlawyer subsidiaries and affiliates were “the rage” for law firms at one time, but never really took off because of how ethically complicated they can be.
“You can do it, you can navigate it, but I don’t think law firms are as bullish on doing it as they once were,” he said, explaining that the Rules of Professional Conduct prohibit law firms from sharing legal fees with nonlawyers and nonlwayers from taking ownership interests in law firms.