Reply to Private Equity Coming for Biglaw?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I belive there are ethical restrictions at play here.[/quote]

They're planning on making the lawyers and the non-legal staff/infrastructure separate entities. PE would own the infrastructure part and then the partners would own the lawyer part.[/quote]

There is very little non-legal staff in law firms these days.  They’ve been shedding paralegals and secretaries for years now.  And all the revenue is from lawyers billing hours.  How does the PE entity make any money?  [/quote]

The revenue earning branch (ie the business not owned by PE and owned by lawyers) has to pay five percent of its revenues every year for intangible assets owned by the PE owned business. Things like licenses and branding. It’s f’d up. [/quote]

Law firms don’t really have branding and non-legal licenses or other intangible assets not directly related to the legal services. To do this would require a total overhaul of legal ethics rules. [/quote]

The whole point is the law firm would invent ip that doesn’t currently exist but they can assign large value to. [/quote]

How? Isn't their IP essentially confidential client information? [/quote]

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