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. 

Read the full article, “California Bans Contingent Fee Sharing With ‘Alternative’ Firms
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“Dans le même esprit que celui de la taxe Zucman, la mesure proposée dans le budget par le gouvernement entend viser les plus fortunés via le patrimoine des sociétés qu’ils détiennent.”

Antoine Vergnat discusses in Le Figaro. Access the full article (in French via paywall).

“The American president wants to force the industry to lower the cost of medical treatment in the United States. The pharmaceutical sector could respond by increasing its prices in Europe or delaying the launch of innovative treatments.”

Emmanuelle Trombe comments in Le Monde. Click here to read the full article (in French via paywall).