Tag Archives: NYC Bar
Working Group Counters NYC Bar Opinion on Litigation Funding Ethics
NYC Bar Association Group Files Long-Awaited Response to Controversial Fee-Sharing Decision
In 2018, the NYC Bar surprised a lot of folks by issuing a formal opinion declaring litigation funding in conflict with the Bar’s rules on fee-sharing with non-lawyers, as outlined in Rule 5.4 of the professional conduct code. The reaction within the funding community was swift, however no formal response has been delivered… until now.
Law Firm Financing in the Wake of the NYC Bar Opinion
Last year, the New York City Bar Association issued an advisory opinion suggesting that funding agreements between lawyers and third party funders violates ABA Model Rule 5.4(a), which prohibits fee sharing with non-lawyers. The opinion has sparked furious debate (and much consternation) in the litigation funding community ever since. But practically speaking, how has the NYC Bar’s opinion impacted law firm funding?
NYC Bar to Keep Comments on Ethics of Litigation Funding Private
The comment period for the NYC Bar’s recent opinion on third party funding has ended. The NYC Bar found that when funders collect a percentage of fees, the practice constitutes fee sharing between lawyers and non-lawyers, and should therefore be prohibited. The Bar accepted opinions from the public on its recent ethics opinion, and spokesman…