Articles Tagged: Illinois


Illinois Bills Put Private Equity and Law Firm Business Models Under the Microscope

Illinois lawmakers are drawing national attention with proposed House and Senate bills that would tighten restrictions on how law firms interact with alternative business structure and management-service organization models. While the measures have not been enacted, they stand out because they go directly to some of the most contested questions in the legal industry: who can own, manage, and profit from legal services.

At a high level, the proposals would reinforce longstanding limits on nonlawyer involvement in the practice of law, including concerns about fee-sharing, ownership, and operational control.