Offering business and estate planning advice and legal services through a monthly membership plan.Meeting trademark needs for small businesses nationwide.Launching innovative low-cost solutions for small businesses in Arizona.Here are three steps LegalZoom says it plans to take in its first year of operation as an ABS: We intend to continue advancing our mission by deeply integrating attorney expertise and support with LegalZoom’s technology, process efficiencies and commitment to providing affordable access to legal services.” LegalZoom’s general counsel issued this statement: “We embrace any such reform efforts and believe that innovative products and business models benefit legal consumers and create more opportunities for attorneys as well.
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In May, LegalZoom applied for an ABS license under the business name LZ Legal Services. 1, permits alternative business structures to be licensed in the state as part of efforts to increase consumers’ access to justice,” writes Moran.
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LegalZoom has targeted Arizona for expansion because in 2020 the Arizona Supreme Court eliminated the state’s Rule of Professional Conduct 5.4 that prohibited nonlawyers from having an economic interest in a law firm or participating in attorney fee-sharing. It’s what we’ve been doing more than 40 years. Our email newsletter “Practice Reimagined” offers timely tips, pointers and valuable links on wellness, work-life balance and quality of life – delivered straight to your in-box. Lawyers Mutual can help you navigate the new normal. Rocket Lawyer is also seeking an ABS license in Arizona. Whether those worries are legitimate could soon face a major test in Arizona.” “They have argued that such a business setup would result in the company’s economic interests being put before the best interests of its clients. “Traditionalists and unauthorized practice of law regulators in the US have long feared the possibility of a legal technology company like LegalZoom becoming a publicly traded law firm-like entity with its own attorneys serving clients,” Moran writes for the Journal. The company says it has a network of more than 1,300 independent attorneys who have provided more than 611,000 consultations to small businesses and families since 2011.
In addition, LegalZoom has launched a tax advisory service and hired in-house tax advisers. LegalZoom recently announced it had generated $150.4 million in revenue in the second quarter of 2021 – a rise of 36 percent annually. because of strict regulatory requirements around law firm ownership and attorney fee-sharing.”
“This is something LegalZoom has been able to do in the UK … but the company has not been able to take a similar approach in the U.S. “Obtaining an alternative business structure license would allow LegalZoom to hire attorneys as employees to provide legal advice directly to customers rather than relying on an independent network of lawyers,” according to Lyle Moran in the ABA Journal.
If successful, the move could signal a seismic shift in the legal landscape. Email Pin on Pinterest Share on Google+ Share on LinkedIn Share on Twitter Share on Facebookįresh off an IPO in June that resulted in a multi-billion dollar valuation, LegalZoom is now pursuing an alternative business structure license in Arizona.
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