Reply to Private Equity Coming for Biglaw?

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[quote=Anonymous]I know trends come and go, and there are a number of hurdles to actually bringing something like this to fruition. Between things like this, multiple-tiered opaque layers of partnership and AI disruption, are any younger partners or associates worried that older partners will cash out and leave the desolate remains to private equity value extraction machine?

The article says McDermott is already exploring the model.

https://www.ft.com/content/9f0033b5-8481-4d3f-8e1b-af6751a6b494

[quote]When Cohen & Gresser, known for defending white-collar criminals such as Sam Bankman-Fried and Ghislaine Maxwell, hired bankers to sell a stake in itself to private equity, it turned heads in the US legal profession.

Outside investors are barred from owning law firms in most US states, including New York where Cohen & Gresser is based, under professional ethics rules designed to prevent commercial considerations from tainting legal advice.

But similar rules are on the books in other professions, such as doctors’ and dentists’ surgeries and accountancy firms, which have nonetheless become staples of private equity portfolios.

The complex financial structure that provides private equity with a workaround is inevitably coming to law, Larry Gresser said, and he wants the law firm he co-founded to be the most prominent so far to snag a deal from a buyout group[/quote]

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