AltConvey, an AI workflow‑automation firm serving the secondaries market, examined roughly $2.6 billion of LP‑led transaction volume. Its analysis shows that both buyers and sellers now shoulder an average GP counsel bill of $25,600 per fund interest. Fees can range from zero in simple cases to nearly $79,000 for complex, multi‑entity restructurings, reflecting the growing legal complexity of these deals today.

Rising counsel costs squeeze transaction economics, especially as LP‑led secondary activity surges amid tighter liquidity. General partners must justify higher legal spend to maintain pricing discipline, while buyers factor fees into net asset value calculations. The data suggest that sophisticated structures—cross‑border assets, layered capital stacks, and carve‑out provisions—are becoming the norm, driving up professional service demand for all participants.

Investors should benchmark counsel expenses against deal size and complexity to avoid eroding returns. As the market normalizes around these higher fees, firms that streamline legal workflows with AI tools may gain a cost advantage. AltConvey’s findings highlight a new pricing baseline that will shape negotiations in forthcoming LP‑led transactions across both primary and secondary markets worldwide in the near term.