"Last week, several reports indicated that McDermott Will & Schulte is considering restructuring its firm to accept a potential private equity investment. A move like this by a top global law firm would be unprecedented and test ethics rules governing ownership of law firms by nonlawyers. A move to separate legal advice from other legal services that don't require advice is a big shift that would ripple through established firms and also test regulatory boundaries."
"A Trillion-Dollar Market Evolving The LegalTech Fund (TLTF) sees a $1 trillion opportunity to reinvent legal services through the convergence of technology, regulatory changes, and innovation. TLTF calls this movement Law Firm 2.0, and the fund believes a reinvention will pave the way for entirely new, tech-enabled models of legal service delivery."
"In addition to the chatter around McDermott, others are taking steps toward the rethinking of legal services. Momentum is no longer theoretical. Arizona's Alternative Business Structure (ABS) regime now supports over 150 entities that legally permit nonlawyer ownership. Additionally, AI law firms like Crosby are making headlines as they announce a meaningful $20 million Series A investment. Eudia is making headlines after acquiring a second Alternative Legal Service Provider (ALSP) last month. Law Firm 2.0 is gaining momentum."
McDermott Will & Schulte is reportedly considering restructuring to accept private equity, a move that would be unprecedented among top global law firms and would test ethics rules on nonlawyer ownership. Separating legal advice from other legal services that do not require advice would shift firm structures and challenge regulatory boundaries. The LegalTech Fund projects a $1 trillion opportunity to reinvent legal services through technology, regulatory change, and innovation under the Law Firm 2.0 concept. Arizona’s ABS regime now supports over 150 entities permitting nonlawyer ownership, AI-focused firms are attracting major investment, and ALSP consolidation is accelerating.
Read at Above the Law
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