According to reports, firms including Paul Weiss, Quinn Emanuel and Proskauer have held discussions with private equity investors or financial advisers about so-called management services organisation (MSO) structures, which are designed to comply with US rules prohibiting non-lawyer ownership of legal practices.

Under the model, a law firm’s legal practice remains owned by lawyers, while a separate entity responsible for administrative services, technology, intellectual property and other business functions can accept outside investment. The legal partnership then pays the MSO for those services. READ MORE