Driven by the unprecedented expense of artificial intelligence, major law firms are embracing the once unthinkable in a move that would upend the sector’s two century-old business model: selling to private equity.
Seven of Australia’s largest firms have already abandoned the traditional model of partners owning the entire practice between them. These include insurance hard-hitter Wotton Kearney, now 21 per cent owned by Straight Bat, and full service-firm Hamilton Locke, whose owner HPX Group is in the market for a private equity buyer.
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