A proposed law in California could derail efforts to liberalise the US legal market and curb competition from private equity and accounting firms seeking to take business from traditional law firms.
A bill passed unanimously by the California assembly in Sacramento last month would bar any lawyer in the state from sharing fees with a law firm that is part-owned by non-lawyers, in a move targeted at the new breed of firms springing up in neighbouring Arizona and elsewhere.
The legislation was introduced in February on the eve of KPMG winning approval to launch a law firm in Arizona under that state’s “alternative business structure” rules, which aim to increase competition and improve access to justice.
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