HB5487

Illinois HB5487 amends the Attorney Act to protect law firms from interference by private equity groups and hedge funds.

Illinois HB5487 amends the Attorney Act to prohibit private equity groups, hedge funds, and related entities from interfering with the professional judgment of attorneys, controlling client records, hiring or firing attorneys based on competency, or charging fees based on law firm profits. It also restricts attorneys from sharing fees with out-of-state alternative business structures unless specific conditions are met. Violations may result in statutory damages, attorney's fees, costs, and injunctive or declaratory relief. The Act applies to contracts entered into after its effective date.