NC S254

Allows non-lawyers to own up to 49% of the stock in professional corporation law firms in North Carolina, subject to specified requirements.

Requires that lawyers continue to own and control at least 51% of voting stock in law firm professional corporations.

Mandates that stock certificates for non-lawyer shareholders include specific language stating that non-licensees cannot interfere with attorneys' professional judgment and that duties to the court and clients prevail over duties to shareholders.

Excludes shareholders owning less than 5% of voting stock who are not employees, directors, or officers from conflict of interest determinations under state law and professional conduct rules.

Effective date is October 1, 2011.