BigLaw taps PE capital to compete for talent; first Am Law 200 deal expected in 2026
A Law360 analysis quoted by Holland & Knight attorneys Joshua Porte and Trisha Rich argues that MSO investment in BigLaw is not a question of whether but when.
BY ECONOMICS DESK · JUNE 4, 2026 · 1 MIN READ
A Law360 analysis quoted by Holland & Knight attorneys Joshua Porte and Trisha Rich argues that MSO investment in BigLaw is not a question of whether but when. Porte stated: "For AmLaw 200 firms, the investment thesis is access to capital, and the first, second and third top uses of that capital is going to be competing for talent on the lateral market." Trisha Rich said "it's a matter of when, not if" a large law firm takes the plunge. M&A adviser Bob Maiden of Focus Investment Banking said he expects the first BigLaw deal to come from the Second Hundred in calendar 2026, citing smaller cap tables and greater need for working capital as drivers. The retirement economics dimension: Porte noted that under current partnership structures, retiring partners receive only their capital contribution at 0% return, versus the potential of selling MSO shares at a multiple — "potentially life-changingly different."