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[quote=Anonymous]They’re allowed because of called Management Services Agreements. The doctors/attorneys/etc. collect legal fees but must pay money back to the PE entity things like IT and infrastructure. The MSA thing isn’t just used by PE. Litigation finance firms are pushing into using it to invest in law firms as well (usually midsize litigation firms). In accounting firms, the PE investment often comes with a merger bc the PE firm promises to make operations more streamlined post-merger. There’s an accounting firm called Sorren which is PE backed and was formed by the merger of 13 smaller accounting firms (or close to that number). McDermott did recently acquire Schulte Roth. [/quote]
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