Several top US law firms have explored selling stakes to private equity without violating non‑lawyer ownership rules. Paul Weiss, Quinn Emanuel and Proskauer have held talks with investors or bankers about a “management services organisation” (MSO) structure that separates legal work from administrative functions.

The MSO model, already used in medical and accounting practices, lets outsiders invest in a services entity while the lawyer‑owned firm retains legal advice. Quinn Emanuel discussed the idea with Guggenheim Securities; Paul Weiss met New Mountain Capital, which manages $60bn; Proskauer also met at least one PE group. White & Case and McDermott Will & Schulte are studying the structure.

Offshore firms have already taken PE money: Mourant sold a 27 per cent stake to MML, and Northridge Law partnered with Cordillera Investment Partners. Investors such as Burford Capital and Fortress Investment Group pitch minority stakes or debt‑based MSOs. Skeptics warn of partner exodus, loss of control, and regulatory risk.