The first regulatory pushback against PE-backed law firm MSOs has arrived, but advisers say the market is maturing rather than retreating. The new rules may eliminate poorly structured deals while legitimizing sophisticated investors willing to operate within ethical boundaries.
Illinois recently passed legislation aimed at limiting the influence of non-lawyer investors over legal practices, joining similar efforts underway in California and Colorado. But advisers active in the market say the measures are more likely to reinforce the importance of carefully structured transactions than significantly slow deal activity.
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