68. Law Firms – non-attorneys were previously banned from having an ownership stake in law firms.

However, laws have recently changed in some states and this has opened up an opportunity for a savvy entrepreneur to partner with an attorney and become a part-owner of a law practice.

The ownership structure generally needs to first be approved by the state supreme court.

Examples include financial planners or accountants that partner with an attorney to offer estate planning and wills to their client base.

Arizona and Utah are the first 2 states to allow non-attorneys to have an ownership stake in a law firm.

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