Ash Kalra

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California bars private equity and hedge funds from law firm ownership

Introduced AB 2305

Private equity spent a decade buying into professional services partnerships in finance and medicine. California's Supreme Court just closed that door for law firms, approving a rule that bars private equity funds and hedge funds from owning or controlling legal practices in the state.

Updated 3 hours ago

Notable Quotes

Licensed attorneys and litigants must retain full autonomy over litigation decisions and strategies, free from improper control or interference from corporate investors, private equity firms, hedge funds, or other nonlawyer entities whose primary interest is financial return rather than the interest of the injured individual. — from the legislative findings of AB 2305

from California bars private equity and hedge funds from law firm ownership · Updated 3 hours ago