Offshore law firm Mourant has sold a 27 per cent minority stake to private equity group MML, marking the first such investment at a group level by one of the "offshore magic circle" firms. The deal, which also saw Mourant's 60 shareholders co-invest, reflects growing investor interest in the highly profitable legal sector. Mourant, which specialises in advising on offshore jurisdictions such as the British Virgin Islands and Jersey, generates revenue that would place it among the top 50 UK law firms, with turnover exceeding £127mn.

CEO Jonathan Rigby stated the investment aims to accelerate growth across its law, governance and consulting arms, emphasising that existing partners are increasing their commitment rather than cashing out. MML partner Robert Devonshire noted Mourant's broad footprint and specialist capabilities provide sufficient competitive advantage to make AI developments an opportunity rather than a threat. The firm plans to use the funding for AI technology investment, lateral hires and expansion into new markets including Ireland, the US, Luxembourg and the Middle East.

Mourant, which counts Goldman Sachs, HSBC and CVC among its clients, has about 1,000 staff across nine offices. The firm began exploring funding options in 2021, restructured from a partnership to a corporation last year, and was advised by Rothschild & Co and Dejonghe & Morley. The transaction follows similar moves by offshore rival Walkers and UK sports law boutique Northridge Law, while US firms McDermott Will & Schulte and Cohen & Gresser are also considering outside investment.