Add Axios as your preferred source to

see more of our stories on Google.

Illustration: Natalie Peeples/Axios

California's state legislature last week passed a bill to restrict private equity investment in litigation firms, but it appears to have the bite of a goldfish.

Why it matters: Legal practices are greenfield for private equity, which has spent the past decade buying and rolling up virtually every other type of professional services partnership (financial advisory, medical, etc.).