PI Global Investments
Private Equity

The Next Private Equity Frontier?


Private equity’s hunger for investment in professional services firms—from auditors to restructuring specialists—seems insatiable, yet traditional law firms remain largely untouched. While investment in non-traditional legal services has been buoyant, direct investment in partnerships has been little more than a trickle. This article explores why, and how that might be changing.

The appeal is obvious. TheCityUK legal services report 2024 reported the global legal services market is predicted to reach $950 billion by 2027, and total revenue of the world’s largest law firms broke through the $150 billion mark in 2023-24. Law firms, especially global giants, can be money machines with top firms exceeding 40% profit margins and multimillion-dollar profit-per-partner figures. This, combined with the potential for expansion, consolidation and efficiency gains, makes the sector tempting.



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