From the WSJ Law Blog (based on this WSJ article):

The rule against outside ownership, the brief contends, is “designed to ensure that a lawyer’s independence and loyalty to his client – the very foundation of the profession – is not compromised by the conflicts that would arise when a firm becomes beholden to its investors.”

Jeffrey Carton, who represents Jacoby & Meyers in the litigation, told the Law Blog that his client will file a response to the motion later this summer. “We have ample responses to each of the arguments they are making, none of which were unanticipated,” he said. “We remain very confident in our position.”

Keep an eye on these suits as the cartel falls (I write this mere hours before thousands of lawyers-to-be toil for 2 or 3 days to gain admittance to this cartel).