Private equity is no longer a theoretical conversation for law firms – it’s happening. But what it actually involves, and what it means in practice, is often less well understood.
In this first episode of PE Curious, Corinne Staves is joined by Fredrik Bürger and Mike Strotz of EY-Parthenon, and Zulon Begum and Nick Leale of CM Murray LLP, to discuss the reality behind the headlines – from why PE is interested in the legal sector, to how deals are structured, and what it means for partners. Watch the video above or listen here.
Key takeaways:
- Why PE is focusing on law firms: A fragmented market and a well-established investment model make legal services a natural next step.
- A different way of being paid: Moving from full profit distribution to a salary + equity model is a fundamental shift – financially and culturally.
- Structure comes early: Many firms will need an ABS structure, with legal and regulatory considerations shaping the process from the outset.
- Diligence goes both ways: Investors will scrutinise financials, risk and performance – but firms also need to be clear on who they are partnering with.
- What drives value: The fundamentals still apply: growth, profitability, quality of earnings, scalability and talent – with increasing focus on data and AI.
- Alignment is critical: Partner buy-in can’t be assumed. A clear strategy and strong leadership are essential.
- Regulation shapes the timeline: SRA approvals and ownership requirements can add complexity and delay if not addressed early.
If you have any questions following this recording, or would like to talk through PE investment in the context of your firm, please do get in touch with Corinne Staves, Zulon Begum or Nick Leale at CM Murray LLP, or Fredrik Bürger and Mike Strotz at EY-Parthenon.
Corinne Staves is ranked as a “Star Individual” by Chambers and Partners UK 2026 for Partnership: Non-contentious: “One of the absolute leaders in the field on both contentious and non-contentious matters, regulatory and litigation.”
Zulon Begum is ranked Band 1 by Chambers and Partners UK 2026 for Partnership: Non-contentious: “Zulon is extremely responsive and has a solid handle on the challenges of pressure and in the regulatory environment that we have been dealing with.” ”She is calm and confident and gives the sense and feeling of really knowing the topic and the market, which is very important.”
Nick Leale is recommended by Legal 500 2026 for Professional Discipline: “Partner Nick Leale is a great addition to the team. He is knowledgeable, approachable, and puts all his efforts into getting results for his clients.”
CM Murray LLP is ranked Tier 1 for Partnership by Legal 500 2026: “This practice is unique due to its very specific focus on partnership matters and related transactions.”
