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