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Hastings leads effort to protect Illinois clients and attorneys from private equity interference
State Senator Michael E. Hastings advanced legislation that would safeguard the professional independence of attorneys and protect clients from undue influence by private equity investors, hedge funds and investor‑backed management services organizations.
“This legislation is about ensuring that legal decisions in Illinois are made by attorneys, not by outside investors focused on profits,” said Hastings (D-Frankfort).
“Clients deserve counsel whose loyalty is to them, not to remote financial interests.”
The bill would prohibit private equity groups, hedge funds and related entities from interfering with lawyers’ professional judgment, controlling client records or setting staffing standards based on competency or proficiency.
It would also restrict investor‑linked fees tied to law firm revenues or profits — a move supporters say reinforces ethical legal practice and strengthens client protections.
The measure would make sure any cross-state fee sharing follows proper licensing and the Illinois Rules of Professional Conduct. In the case of violations, it would lay a framework for statutory damages, attorney’s fees, injunctive relief and disciplinary action by the Attorney Registration and Disciplinary Commission.
“We must safeguard the professional independence of attorneys and protect clients from undue influence by private equity investors,” said Hastings. “As a practicing attorney, I understand that the client you represent always comes first. We as lawyers are charged with upholding the highest ethical standards, and outside influence threatens to lower the bar.”
House Bill 5487 passed the Senate Judiciary Committee Wednesday.
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Hanania was named "Best Ethnic American Columnist" by the New America Media in November 2007, and is the 2009 recipient of the SPJ National Sigma Delta Chi Award for column writing.
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