# Illinois HB5487: LAW FIRM OWNERSHIP Illinois HB5487, LAW FIRM OWNERSHIP, is a 104th General Assembly (2025–2026) House bill sponsored by no sponsor on record; status signed, last action 2026-08-07 (Public Act . . . . . . . . . 104-0801); PRIA reads it as touching household money (as of 2026-11-01). - Canonical: https://policyrisk.com/state-bill/IL-HB5487-2025-2026 - As of: 2026-11-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Illinois HB5487 - State: Illinois - Session: 104th General Assembly (2025–2026) - Title: LAW FIRM OWNERSHIP - Status: signed - Chamber: House - Introduced: 2026-02-06 - Last action: 2026-08-07, Public Act . . . . . . . . . 104-0801 - Sponsors: no sponsor on record - Cosponsors: 12 - Subjects: judiciary - civil, assignments, judiciary - Touches household money: yes - Roll calls: 12 (411 yes, 197 no in all) - Economic provisions PRIA read: 2 ## Summary Amends the Attorney Act. Prohibits a private equity group, hedge fund, or any entity owned, operated, or controlled by a private equity group or hedge fund, including management services organizations, that is involved with a law firm or an attorney's practice from: (1) interfering with the professional judgment of attorneys in representing clients; (2) exercising control over or being delegated the power to own or determine the content of client records, select, hire, or terminate the employment of attorneys or allied legal staff in whole or in part based on competency or proficiency; or set competency or proficiency parameters for attorneys or allied legal staff; or (3) charging any fee to the attorney or law firm that is directly or indirectly based on the fees, revenues, or profits of the attorney or law firm. Prohibits an attorney from sharing legal fees directly or indirectly with an out-of-state alternative business structure unless: (1) the attorney is also licensed in the state in which the alternative business structure is approved; (2) the fees are compensation for providing legal services in that state; and (3) the law of that state is controlling under the Illinois Rules of Professional Conduct or a successor rule. Provides for the recovery of statutory damages, attorney's fees and costs, and injunctive or declaratory relief as a remedy for violation. Defines terms. Contains applicability provisions. Effective immediately. ## Bill overview: provisions PRIA read - Limits on out-of-state legal fee sharing: mixed, low. These rules cover Illinois lawyers and firms with under $300 million in yearly global legal-service revenue, or firms earning more than half their revenue from contingent fees in each of the prior three years. An Illinois lawyer can share fees with an out-of-state legal business only when the lawye… - New safeguards for law firm clients: mixed, low. These rules cover Illinois lawyers and firms with under $300 million in yearly global legal-service revenue. They also cover firms that earn more than half their revenue from contingent fees in each of the prior three years. The revenue tests count affiliated firms worldwide; an enforcement agency… ## Sponsors and cosponsors - Cosponsor: Abdelnasser Rashid (Democratic), House - Cosponsor: Diane Blair-Sherlock (Democratic), House - Cosponsor: Emanuel "Chris" Welch (Democratic), House - Cosponsor: Jay Hoffman (Democratic), House - Cosponsor: Jennifer Gong-Gershowitz (Democratic), House - Cosponsor: Kevin John Olickal (Democratic), House - Cosponsor: Lilian Jiménez (Democratic), House - Cosponsor: Mary Beth Canty (Democratic), House - Cosponsor: Michael E. Hastings (Democratic), Senate - Cosponsor: Robert Peters (Democratic), Senate - Cosponsor: Suzanne M. Ness (Democratic), House - Cosponsor: Will Guzzardi (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-05-31 | House | Senate Floor Amendment No. 2 House Concurs | pass | 75 | 39 | 1 | | 2026-05-31 | House | Senate Floor Amendment No. 3 House Concurs | pass | 75 | 39 | 1 | | 2026-05-31 | House | Senate Floor Amendment No. 2 Motion to Concur Recommends Be Adopted Judiciary - Civil Committee; | pass | 13 | 7 | | | 2026-05-31 | House | Senate Floor Amendment No. 3 Motion to Concur Recommends Be Adopted Judiciary - Civil Committee; | pass | 13 | 7 | | | 2026-05-31 | House | Senate Committee Amendment No. 1 House Concurs | pass | 75 | 39 | 1 | | 2026-05-31 | House | Senate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted Judiciary - Civil Committee; | pass | 13 | 7 | | | 2026-05-30 | Senate | Third Reading - Passed; | pass | 39 | 19 | | | 2026-05-29 | Senate | Senate Floor Amendment No. 2 Recommend Do Adopt Judiciary; | pass | 5 | 3 | | | 2026-05-06 | Senate | Do Pass as Amended Judiciary; | pass | 8 | 1 | | | 2026-04-09 | House | Third Reading - Short Debate - Passed | pass | 70 | 36 | 1 | | 2026-04-08 | House | House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; | pass | 5 | 0 | | | 2026-03-25 | House | Do Pass as Amended / Short Debate Judiciary - Civil Committee; | pass | 20 | 0 | | ## Bill text - Engrossed: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487eng.pdf) - Enrolled: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487enr.pdf) - House Amendment 1: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487ham001.pdf) - House Amendment 2: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487ham002.pdf) - Introduced: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487.pdf) - Senate Amendment 1: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487sam001.pdf) - Senate Amendment 2: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487sam002.pdf) - Senate Amendment 3: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487sam003.pdf) ## Related bills - HB5198: AFFORDABLE HOUSING-CILAS (passed house) - SB1937: PENSION CODE-VARIOUS (passed senate) - HB2563: CONDO-RESERVE STUDY (in committee) - HB4701: LIMITATIONS FACILITY FEES ACT (in committee) - SB3008: DHS-ABLE PROGRAM INFO MATERIAL (passed senate) - SB3484: VEH CD-PLATES-REGISTRATION (signed) ## Sources - [Engrossed (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487eng.pdf) - [Enrolled (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487enr.pdf) - [House Amendment 1 (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487ham001.pdf) - [House Amendment 2 (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487ham002.pdf) - [Introduced (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487.pdf) - [Senate Amendment 1 (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487sam001.pdf) - [Senate Amendment 2 (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487sam002.pdf) - [Senate Amendment 3 (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5487sam003.pdf) ## Related - [HB5198: AFFORDABLE HOUSING-CILAS](https://policyrisk.com/state-bill/IL-HB5198-2025-2026) - [SB1937: PENSION CODE-VARIOUS](https://policyrisk.com/state-bill/IL-SB1937-2025-2026) - [HB2563: CONDO-RESERVE STUDY](https://policyrisk.com/state-bill/IL-HB2563-2025-2026) - [HB4701: LIMITATIONS FACILITY FEES ACT](https://policyrisk.com/state-bill/IL-HB4701-2025-2026) - [SB3008: DHS-ABLE PROGRAM INFO MATERIAL](https://policyrisk.com/state-bill/IL-SB3008-2025-2026) - [SB3484: VEH CD-PLATES-REGISTRATION](https://policyrisk.com/state-bill/IL-SB3484-2025-2026) - [Illinois bills](https://policyrisk.com/states/illinois/bills) - [Illinois state hub](https://policyrisk.com/states/illinois) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/IL-HB5487-2025-2026 (as of 2026-11-01).