IVCA Provides Updates for State Legislative Issues – 03/04/2026
IVCA Illinois Legislative Report
David Stricklin, IVCA Legislative Liaison, Stricklin & Associates
IVCA OPPOSES BILLS TARGETING PE ROLE IN LAW FIRMS
Policy makers in Illinois and more frequently across the country are being asked by advocates to consider banning, limiting or in some way managing the role of private equity investments in certain sectors of the economy – health care, housing, and most pressing currently in Illinois, law firms. Illinois considers limits on outside investment in law firms.
IVCA is actively engaged in opposing SB 3812 / Hastings and HB 5487 / Gong Gershowitz. Both measures have been assigned to the Judiciary committees in their respective chambers. The IVCA has expressed our concerns to both sponsors and to legislators who are familiar with the IVCA. Illinois considers limits on outside investment in law firms.
The bills are being advanced by the Illinois Trial Lawyers Association which has a long and deep presence in the Capitol. California recently approved a similar measure in 2025 California acts on PE in law firms. If you are interested in more information, please contact IVCA Executive Director Christie Pruyn. The legislature is operating on an unusual cadence currently with only the Senate in session this week and next, followed by the March 17 primary, when then only the House will be in session, and then there will be different weeks off for Spring Break. The 2026 session has yet to really hit its stride, except for action last week to approve a bill to assist the Chicago Bears
* Crain’s | Pritzker wants House to take up Bears legislation after primary: The bill wasn’t called for a vote by the full House, but Pritzker is optimistic. “March 18th, they’ll be back,” he said this morning after an unrelated press conference. “You know, I think you’re going to see progress. “So that doesn’t really bother me (that it wasn’t called for a vote),” Pritzker added. “Obviously as fast as we can get this done through the Legislature — and that’s going to be up to the legislators to do it. You know, we want to get it done for the Bears, but I don’t see it as a problem.”
ILLINOIS PRIMARY ELECTIONS MARCH 17
By our next edition we will know the nominees chosen by the political parties for the November general elections. Democrats are highlighted by a three-person race for U.S. Senate where recently Governor Pritzker has more aggressively supported his Lt. Governor Juliana Stratton for the post. There are vigorous primaries for Congress and state legislative races as well. The Republicans are nominating a candidate to face Pritzker in November and in downstate are running more conservative candidates against sitting members of the Illinois House. The result will be relatively few competitive races in November.