An Illinois bill to ban law firms in the state from sharing fees with firms owned by non-lawyers advanced out of a committee on Wednesday.
A judiciary committee approved the measure (HB5487) during a hearing, moving the bill to consideration on the House floor. The legislation bans attorneys from sharing fees with out-of-state alternative business structures owned or operated by non-lawyers, such as private equity firms and hedge funds.
Illinois is the latest state to consider cracking down on non-lawyer owned firms, a growing area of investment for capital providers. A similar California law that went into effect ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.