"In most cases, partners will need to be persuaded not only that PE investment-and giving up a degree of equity and control to outside investors-is in the firm's best interests, but that it represents the best available alternative for achieving the partnership's aspirations."
"Zimmerman went on to note that partners will likely have questions about clients and rates, and that "they will expect compelling, evidence-backed answers that they can live with while preserving the kind of culture they want to have in their firm.""
Private equity deals require convincing partners that giving up some equity and control serves the firm’s best interests. Approval depends on demonstrating that the transaction is the best available alternative for meeting partnership aspirations. Partners commonly raise concerns about clients and billing rates. They expect persuasive, evidence-backed responses that address these issues. The responses must also allow partners to preserve the culture they want within the firm. The process therefore centers on providing credible answers that partners can accept while maintaining the firm’s identity and priorities.
Read at Above the Law
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