Getty Images; Alyssa Powell/BI
- Arizona opened the doors for outside investors in law firms, and Steve German had high hopes.
- But he says his co-owner, 777 Partners, was hit by scandal and didn't invest the millions it promised.
- German also regulates law firms with outside investment and says they're being abused by billionaires.
Two years ago, Steve German was optimistic.
He'd done well for himself as a trial lawyer in Phoenix, suing insurance companies on behalf of workers who were denied benefits. And he'd just launched a venture with the Miami investment firm 777 Partners that he hoped would revolutionize the legal business.
Arizona had recently begun permitting nonlawyers to invest in law firms, which is banned in nearly every other state. German seemed poised to ride the wave of deregulation and build what he'd later describe as "generational wealth."