Illinois lawmakers pass bill limiting investor influence on law firms
The measure would bar outside investors from influencing lawyers, require MSO disclosures and apply to firms with less than $300 million in annual revenue.
5 Articles
5 Articles
Illinois lawmakers pass bill limiting investor influence on law firms
Illinois, home to one of the largest U.S. legal markets, is poised to erect new firewalls between law firms and third-party investors after state lawmakers this weekend passed legislation to limit back-office partnerships and other law firm business deals involving outside capital.
Illinois Approves New Law Firm Investor Restrictions - JDJournal Blog
Illinois lawmakers have approved a major bill that would limit investor influence on law firms. Supporters say the measure protects attorney independence. However, critics argue it could affect legitimate business relationships across the legal industry. House Bill 5487 passed both chambers of the Illinois legislature and now awaits action from Governor JB Pritzker. If he signs the measure, Illinois will become one of the most aggressive states …
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