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McDermott Partner and co-head of the Structured Finance and Specialty Finance Groups, Boris Ziser, shared his thoughts with Bloomberg on the recently signed bill banning California attorneys and firms from sharing contingency fees with out-of-state alternative business structures, or law firms owned by non-lawyers.
Boris stated, "This is a case of a bill that hurts everyone and helps no one. If you look at the provisions of the bill, it hurts the California lawyers, it hurts the California consumers, it hurts Arizona lawyers, but I can't figure out who it helps." The law will make it harder for litigation firms that are "alternative business structures" in jurisdictions that allow "ABS" firms, to partner with lawyers in California, a large legal market.
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