HB 5487: LAW FIRM OWNERSHIP

Summary

Reinserts the provisions of the bill as amended by Senate Amendment No. 1 with the following changes. Specifies that the provisions added by the amendatory Act apply only to (i) a licensed attorney or law firm operating in Illinois with annual global revenue from that licensed attorney's or law firm's provision of legal services that is less than $300,000,000 or (ii) a licensed attorney or law firm that regularly represents clients on a contingent fee basis, where the fee is based on the resolution or outcome of actual or threatened private litigation, and that has derived more than 50% of the attorney's or law firm's revenues from the contingent fee arrangements in each of the previous 3 calendar years. Provides that, upon request of the Attorney Registration and Disciplinary Commission or other governmental authority or agency charged with administering or enforcing the provisions, or upon order of a court of competent jurisdiction, a licensed attorney or law firm shall be permitted to provide a self-certification attesting, under oath, to certain facts. Makes other changes effective immediately.

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Aug 7, 2026

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