Newly Formed Law Firm Raises Questions

BY L. HAROLD LEVINSON

The Highlights item, “E&Y First in U.S. to Ally Itself With Law Firm,” ( JofA, Dec.99, page 4) reports that the new law firm of McKee Nelson Ernst & Young will be “fully independent,” and exempt from current fee-sharing restrictions because Ernst & Young has made a loan rather than an equity contribution.

Both conclusions are questionable.

If E&Y is not a partner in the law firm, the inclusion of its name in the new firm’s name raises questions under the rules prohibiting misleading and deceptive firm names. If, however, E&Y is a partner, questions arise under the rules on who may be a partner in a law firm.

In any event, your conclusion that the law firm will be “fully independent” is, to say the least, nave, as well as premature.

L. Harold Levinson
Professor of Law Emeritus
Vanderbilt University
Nashville

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.