Wake Up Call: Spiro Sends Newsom Warning Letter Over Wealth Tax

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• Quinn Emanuel partner Alex Spiro sent a letter warning California Gov. Gavin Newsom that a proposed ballot measure to levy a one-time 5% tax on wealthy residents would prompt some of his clients to flee the state. Spiro, who has represented Kim Kardashian, Jay-Z, and Elon Musk, did not say which of his clients would leave the state. The measure, which could appear on the November 2026 ballot, would apply retroactively to residents as of Jan. 1, 2026. ( ...