Felix Shipkevich, principal of Shipkevich PLLC and Special Professor of Law at Hofstra University, recently authored an analysis published by Law360 examining the growing legislative effort to restrict private equity and nonattorney investment in law firms.
In the article, Shipkevich argues that while concerns surrounding investor influence on legal practice are legitimate, state legislatures may be overstepping constitutional boundaries by attempting to regulate law firm ownership and governance through statute. He contends that the authority to define and regulate the practice of law has traditionally belonged to state supreme courts under the separation of powers doctrine.
The piece analyzes recent legislative developments in California, Colorado, and Illinois, where lawmakers have introduced or passed measures aimed at limiting nonattorney ownership and fee-sharing arrangements within law firms. Shipkevich suggests that these policy questions should be addressed through judicial rulemaking rather than legislative action, preserving the judiciary’s constitutional role in overseeing the legal profession.
The article reflects Shipkevich’s ongoing thought leadership on the intersection of legal ethics, constitutional law, and the evolving business structures shaping the legal industry.