IllinoisSB3812104th General Assembly (2025–2026)Senate

LAW FIRM OWNERSHIP

Sponsored By: Michael E. Hastings (Democratic)

In Committee

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Michael E. Hastings

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments

    3/27/2026Senate
  2. Rule 3-9(a) / Re-referred to Assignments

    3/27/2026Senate
  3. Senate Committee Amendment No. 1 Postponed - Judiciary

    3/25/2026Senate
  4. Postponed - Judiciary

    3/25/2026Senate
  5. Senate Committee Amendment No. 1 Assignments Refers to Judiciary

    3/24/2026Senate
  6. Senate Committee Amendment No. 1 Referred to Assignments

    3/18/2026Senate
  7. Senate Committee Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings

    3/18/2026Senate
  8. Rule 2-10 Committee Deadline Established As March 27, 2026

    3/13/2026Senate
  9. Postponed - Judiciary

    3/4/2026Senate
  10. Assigned to Judiciary

    2/24/2026Senate
  11. Referred to Assignments

    2/6/2026Senate
  12. First Reading

    2/6/2026Senate
  13. Filed with Secretary by Sen. Michael E. Hastings

    2/6/2026Senate

Bill Text

  • Introduced

  • Senate Amendment 1

Related Bills

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