In this episode of The Heart of Law Podcast, host Mirena Umizaj Dumas welcomes back returning guest Lynda Shely, one of the nation’s leading voices on legal ethics and innovation.
A former Chair of the ABA’s Ethics Committee and a current member of Arizona’s Alternative Business Structures (ABS) and AI Steering Committees, Lynda offers rare insight from the front lines of Arizona’s trailblazing regulatory reform.
Back by popular demand, Lynda returns to share the latest developments in Arizona’s ABS model—a topic that continues to spark conversation across the legal industry. She and Mirena revisit Arizona’s groundbreaking elimination of Rule 5.4, which paved the way for non-lawyer ownership of law firms. Together, they explore how the ABS framework has evolved, its current status, and what it signals for the future of legal services nationwide.
Key Takeaways:
• What ABS actually is and why Arizona removed the ban on non-lawyer ownership
• Why lawyers and non-lawyers pursue ABS (succession, capital, tech partnerships)
• Lessons from 140+ licensed firms and Arizona’s compliance framework
• Ethics guardrails and mandatory reporting requirements
• Why Arizona prohibits ABS firms from acting as referral mills
• Private equity: risks, opportunities, and legacy planning
• How Arizona compares to other states like California and Utah
• Where generative AI fits in—and what Arizona doesn’t allow
Chapters:
00:00 – Intro & Guest Welcome
02:30 – What Is ABS?
08:10 – Concerns & Safeguards
15:40 – Mass Torts, PE & Compliance
25:45 – Renewals & Firm Growth
34:35 – ABS: What’s Next?
48:30 – Final Thoughts
About Our Guest:
Lynda Shely is a nationally recognized ethics lawyer and a leader in regulatory reform. She has advised hundreds of firms on compliance and professional responsibility issues and continues to serve on Arizona’s ABS and AI Steering Committees.
Links from the Episode:
• Learn more about ABS from Rosing, Pott & Strohbehn:
https://rosinglaw.com/services/alternative-business-structure/
• Connect with Mirena & Company:
https://mirenaandco.com
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com