“Colorado Chamber Office Hours” Podcast

In one of the latest episodes of the “Colorado Chamber Office Hours” podcast, details about non-lawyer businesses and investors and their impacts on everyone in the state are discussed.

Currently, House Bill 26-1421 seeks to stop this and is one of the rare occasions when the Colorado Trial Lawyers Association and the Colorado Chamber of Commerce are in agreement.

What Is The “Colorado Chamber Office Hours” Podcast?

The “Colorado Chamber Office Hours” podcast is a weekly show hosted by Ed Sealover that explores the intersections between business and government policy in the state.

Why Was Kyle Bachus Featured On The Podcast?

Kyly Bachus was featured on the podcast because of his commitment to the people of Colorado. As a well-established personal injury lawyer, he offers valuable insights into the state’s laws and their impacts on individuals and businesses, including what could occur if House Bill 26-1421 doesn’t pass. He also has first-hand experience as a victim with the wrongful death of his mother.

 Learn More About “Unthinkable.”

What Is The Episode “Advocacy, Leadership, And Justice In Colorado” About?

The episode “Advocacy, Leadership, and Justice in Colorado” discusses the partnership between the Colorado Chamber of Commerce and the Colorado Trial Lawyers Association.

Both organizations fully support House Bill 26-1421, which is designed to prevent non-lawyers from entering into financial arrangements that allow them to profit from legal services, including ownership, investments, and fee-sharing agreements with Colorado law firms.

What Insights Does Kyle Share About Legal Advocacy And Leadership?

Kyle shares details about how none of this existed before Arizona passed legislation to allow non-lawyers to have interests in legal firms, creating the ABS (alternative business structures). It’s happening now in Arizona and expanding to other states. There may also already be law firms in Colorado that have entered into agreements with the ABS entities in Arizona.

For lawyers, it is about clarity and being ethical. If a few lawyers are skirting the system, then they need to be held accountable for their actions.

For the Colorado Chamber of Commerce, it’s about stopping a ton of private equity money from coming in, taking over our law firms, and potentially funding additional lawsuits just to meet their bottom line.

What Is House Bill 26-1421?

House Bill 26-1421 is a bill designed to prevent the non-lawyer ownership, interest, or fee sharing in law firms in the state of Colorado. While there are already laws in the state, there could be potential “loopholes” and ways for non-lawyers to unethically skirt around these.

The bill clarifies this specifically to prevent non-lawyer businesses and investors from acquiring ownership interests in Colorado law firms. You must be a lawyer registered to practice in the state to own, have an interest in, or share fees in a law firm.

So essentially, the bill is to make it crystal clear what the consequences are for non-lawyers or lawyers engaging in these unethical practices.

How Could House Bill 26-1421 Impact Colorado Residents And Businesses?

Passing the bill would prevent non-lawyer investors and equity money from infiltrating our state’s law firms. Currently, Colorado is in an “affordability crisis” with costs increasing in housing, food, and other essential areas. Allowing ABS to come in would make that worse.

For example, in current personal injury lawsuits, the plaintiff and defendant generally reach a settlement agreement for less than the plaintiff could be entitled to receive. They do this to help keep court costs down, which can increase significantly, especially if the case goes to trial.

These non-lawyer investors will not want to settle and will seek maximum compensation. As a result, residents and businesses will have to face higher tort costs, which, as of 2022, were $4,200 per household.

What Are The Key Takeaways From The Discussion?

The key takeaways for this podcast are:

• Why House Bill 26-142 was created and its intent.
• How the bill will impact Colorado residents, businesses, and the legal community.
• What will happen if the bill does not pass.
• The implications of justice and advocacy in the state if the bill passes and if it doesn’t.

Why Should Colorado Listeners Tune In?

Colorado residents, business owners, and community leaders need to listen in to better understand how non-lawyers could impact legal firms and court proceedings in the state.

Kyle’s perspective provides valuable insights into how everyone can help create a stronger, fairer state, while keeping the investment interests of non-lawyers out of our legal system.

Where Can Listeners Watch Or Listen To The Episode?

The episode is available to listen to on YouTube, Apple Podcasts, Spotify, Amazon Music, and the Colorado Chamber of Commerce website.

About Kyle Bachus

For further information about Kyle Bachus, Bachus & Schanker, his book, or to schedule a free consultation, contact us today.