What happened: Governor Greg Abbott rang the Closing Bell at the New York Stock Exchange (NYSE) to celebrate the launch of NYSE Texas in Arlington. Read more
In his own words: “With Texas’s tremendous business success, we have NYSE coming here, growing here, and putting deeper roots in the state of Texas. This is the home of the economy, and it is going to be the home of financial exchanges going forward.” — Gov. Greg Abbott
TLR Thoughts: The launch of NYSE Texas highlights the state’s continued economic growth and leadership in job creation. Pro-business reforms, such as Senate Bill 29 and House Bill 40, have positioned Texas as the premier destination for investment, innovation and growth.
PROTECTING AMERICAN CONSUMERS TOGETHER
What Happened: Trial attorneys are modernizing their marketing tactics to reach the next generation, transforming their flashy billboard advertising into TikTok reels, podcasts and other social media content. Read more
Remind me: Trial attorneys have long used traditional television and billboard advertising to entice potential clients. Now, they are proactively ingratiating themselves with younger audiences through social media and other modern platforms to ensure a steady pipeline of future clients.
In their own words: “When we’re going after someone who’s in high school listening to a podcast on the way to school, that person might not be a client of ours until 20 years later. It’s really about planting seeds and making sure people know about us. The next generation is crucial.” — Daniel Morgan, managing partner at Morgan & Morgan
TLR Thoughts: Trial attorneys have always crowded the airwaves—now they’re emerging on our phone screens too. Be a smart legal consumer. Next time you see a billboard attorney on TikTok, be sure to do your homework before hiring.
What happened: Burford Capital, a well-established third-party litigation funder, is exploring opportunities to further partner with U.S. law firms by investing in firms through Arizona’s alternative business structure (ABS) program and via managed service organizations (MSOs). Read more
Tell me more: While ethical rules in most states prohibit non-lawyers from owning U.S. law firms or receiving a percentage of their fees, MSOs and ABS structures provide workarounds. For instance, under an MSO model, a law firm’s billing, IT and marketing may be split off into a separate MSO entity. The MSO, which is funded by outside investors, provides these services to the law firm for a fee.
Why it matters: MSOs, ABS structures and the increasing influence of third-party investors in lawsuits raise serious ethical concerns. California and other states recently halted or rejected ABS programs much like Arizona’s due to concerns that clients’ interests could be compromised. As investor influence continues seeping into litigation, the desire to obtain a sufficient return on investment could supersede the objective of obtaining fair compensation for an injured individual.
TLR Thoughts: Litigation is becoming more commercialized and detached from the actual needs of injured parties. By tracking these developments, lawmakers and advocates can better target reforms to prevent abuse and keep courts focused on fair outcomes rather than financial windfalls.
