Arizona’s Legal Landscape Transformed: Private Equity and Litigation Funders Seize Opportunities in Law Firm Ownership
Phoenix, AZ — Arizona has become a burgeoning hub for the legal industry following the state’s decision to remove prohibitions against non-lawyers owning law firms. This groundbreaking move has attracted a notable influx of private equity firms and litigation financers keen to capitalize on this newly opened market. The change stems from the elimination of a rule that previously barred non-lawyers from holding ownership stakes in legal practices. Since this change was enacted in 2020, Arizona has approved 76 alternative business structures (ABS), applications, many of which include investments from private equity or litigation finance … Read more