Yahoo Finance’s Alexandra Canal breaks down the latest on Britney Spears' conservatorship.

Video Transcript

- Welcome back. Britney Spears has been granted the right to hire her own lawyer in her conservatorship-- conservatorship battled with her father. We've got Ale Canal here with the latest. In this ongoing story that you've been following for us, Ale, what can you tell us?

ALEXANDRA CANAL: I know, Alexis. I feel like I'm a conservatorship expert at this point. But a big development in Britney Spears case yesterday. As you mentioned, a lawyer ruling that she has the right to select her own attorney.

And this is something that a lot of people were watching, a lot of prominent organizations. We have the American Civil Liberties Union weigh in earlier this week. They actually wrote to the courts saying that the right to a lawyer is a core element of the Sixth Amendment that should extend to conservatives.

We also had Britney Spears mother, Lynn Spears petitioned the court saying that her daughter is in a much better place now than she was in 2008. So a judge granting that she can go ahead, hire her own attorney.

And she's already selected one. She has hired Former Prosecutor and Big Time Hollywood Lawyer Mathew Rosengard. He is reportedly going to be a lot more aggressive when it comes to this case and push to end the arrangement entirely.

Now up to this point, Britney and her legal team have not filed any formal petitions to end the conservatorship altogether. Some experts thought that she would have done that prior to yesterday's hearing. But perhaps, she just wanted to wait until she could even find out if she could be able to select her own lawyer here.

So you know, this is a big moment for Britney. It was a very emotional hearing. She did cry during her testimony.

She said she wants her father investigated for conservatorship abuse. She claimed that he among others have threatened her throughout the course of the arrangement. And she just wants it to all go away.

And then after the testimony, she did post on Instagram, where she wrote free Britney, which set the internet ablaze. She certainly had a lot of supporters there outside the courtroom yesterday and around the world.

So this is just another chapter in her story in this case. But it's not going anywhere anytime soon. And we should be getting more developments to come.

- Yeah. I want to talk about what-- what would be next? OK. Now she's got her own lawyer, what happens next in the courts?

ALEXANDRA CANAL: So next, as I mentioned are those petitions. She's going to need to file a petition to end the conservatorship if that's what she wants. At this point, her father Jamie Spears is the sole conservator of her $60 million estate.

After a financial company Bessemer Trust stepped down following her explosive testimony on June 23rd, where she expressed that she didn't want to be in this conservatorship any more. So that makes Jamie Spears the sole conservator. If she wanted to appoint another co conservator of the estate, once again, she needs to go ahead and file those formal petitions.

But let's say her and her lawyer decide, you know, what we just want to end this conservatorship. Let's file that petition. Once they do that, a member of Britney Spears family or someone else perhaps most likely her father, they could come back and say no. I do not agree with this.

If that happens, then there's a possibility that it could head to a jury trial. And if that's the case, that's going to be very, very interesting to watch considering the high public interest in this case.

So you know, there's a lot more steps to be had. It's going to continue on this conservatorship. The entire arrangement is very, very complicated. There really hasn't been much precedent.

In the case of Britney Spears, she's a 39-year-old working mom seems mentally fit. Normally conservatives are much older. And they do not seem to have that physical or mental capacity that Britney has demonstrated. She has made a decent amount of money throughout the course of this conservatorship.

So there's not a lot of precedent, which is why there's a lot of eyes on this case. Because it potentially could set a big precedent for other non famous people out there that are dealing with this.

So that's why it's really important that we figure these things out. But like I said it's going to take some time. And we're not going to have any answers overnight.

- All right Thanks as always for breaking it down for us, Ale Canal.