PRIVATE EQUITY IN PROFESSIONAL SERVICES FIRMS

The professional services market is attractive to private equity investors. There has now been a period of significant PE investment in accountancy firms for a number of years, and the legal services sector is now seeing similar interest.

CM Murray LLP advises firms, partners and other stakeholders on the full range of issues that can arise when a capital transaction is considered by a professional services firm, including accepting investment by PE.

View our suite of videos on the key issues firms need to think about when considering PE investment:

If you would like to discuss any aspect of private equity investment in professional services, please contact Managing Partner Clare Murray, or Partners Zulon Begum or Corinne Staves.

Recent work highlights

Some examples of our experience:

Advising a UK law national law firm with top tier specialism on its acquisition by a PE backed consolidator. Our role covered structure, heads of terms, due diligence, the sale agreement, warranties and disclosures, dissenter strategy, service contracts and SRA regulatory matters (including authorisation of new owners and managers).
Providing specialist support to a US headquartered law firm acting for an international PE house on its potential acquisition of a large UK law firm, with our focus being on SRA regulatory matters and undertaking due diligence on risk management (incl. SRA investigations, AML risk assessments and successor practice issues).
Advising individual partners from the accountancy sector on their rights, obligations and options, including the implications of exit, as a result of PE backed capital events at their firms.
Providing constitutional advice on complex, bespoke LLP agreement provisions to protect Founders’ rights on a minority PE investment.
Advising individual law firm partners, and groups of them jointly, on the implications for them associated with investment in their firm by PE or co-investment opportunities between the law firms and PE houses.
Advising an LLP business on a potential sale of the whole business to a PE backed acquirer.
Advising aosphere on SRA regulatory matters following the implementation of the strategic partnership between Inflexion, Endicott and Allen & Overy (now A&O Shearman).
Advising PE executives on their personal positions, including in relation to carry and co-invest, whether before during or after moves.
Co-hosting alongside EY a series of informal dinners for law firm leaders whose firms have taken investment, are considering investment or are simply PE curious.