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By Jason Wesoky and Loren Furman
Private-equity profits should not influence legal decisions between Coloradans and their attorneys. This principle is the driving force behind House Bill 1421, a piece of bipartisan legislation designed to protect Coloradans and maintain trust in our justice system.
Colorado has long prohibited non-lawyer ownership of law firms and fee-sharing with non-lawyers. But increasingly, private equity firms are using complex management agreements to insert profit motives into legal representation.
We do not have to speculate about how this will affect the legal profession. In Arizona, non-lawyer ownership of law firms has been allowed since 2021 through “Alternative Business Structures” (ABSs). More than 100 ABS firms now operate there, including firms backed by private equity and major corporate entities. These models prioritize growth and investor returns over client loyalty and independent professional judgment.
When investors gain a financial stake in legal fees or settlements, consumers and businesses lose. Cases may be pushed toward quick settlements, legal strategies may prioritize revenue over fairness, and independent professional judgment can be compromised.
HB 1421 closes loopholes that would permit this influence in Colorado law while still allowing law firms to use outside vendors for legitimate administrative support through flat-fee or hourly arrangements.
This effort has united uncommon partners, the Colorado Trial Lawyers Association and the Colorado Chamber of Commerce, around a shared belief Colorado’s justice system should remain independent, ethical and focused on the public interest.
Coloradans deserve to know when they hire a lawyer, their case is guided by ethics, loyalty and professional judgment, not by the demands of investors who sacrifice quality to increase profits.
Justice should never be for sale.
Jason Wesoky is president of the Colorado Trial Lawyers Association. Loren Furman is president and chief executive of the Colorado Chamber of Commerce.
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