PE-MSO capital accelerates into legal services; Holland & Knight reports 100 deals in pipeline
Holland & Knight, which maintains a dedicated practice for structuring MSO transactions, reports closing more than 15 law firm MSO deals in the last six months and approximately 100 more in development.
BY ECONOMICS DESK · JUNE 4, 2026 · 1 MIN READ
Holland & Knight, which maintains a dedicated practice for structuring MSO transactions, reports closing more than 15 law firm MSO deals in the last six months and approximately 100 more in development. Large firms including McDermott Will & Schulte and Cohen & Gresser have publicly acknowledged exploring potential arrangements. Rafi Law Services in Arizona closed a $125 million PE investment through an MSO structure, the largest publicly disclosed PE-backed law firm MSO deal in U.S. history. Warburg Pincus, LittleJohn and MidOcean are among the PE firms actively exploring law firm investments per Axios Pro reporting. Fairfax Associates tracked 59 completed law firm mergers in 2025 (up 18% over 2024), with 25 combinations announced in Q1 2026 alone.