Private equity and the future of law firms | Podcast special

Private equity and the future of law firms | Podcast special

Private equity investment in law firms has become one of the most talked-about trends in the legal industry. But how much is actually happening? Why are investors interested in legal services, and what does outside capital mean for the traditional partnership model? In this special edition of the podcast, Oliver is joined by Patrick Savage (Burford Capital), Peter Jackson (former managing partner of Hill Dickinson), Adil Taha (legal industry consultant), and Oscar Dean (Grant Thornton) for a candid discussion about the future of law firm ownership. The panel explores why legal has become attractive to investors, whether private equity activity has slowed in recent months, what makes a law firm investable, and how external capital can be used to fund growth, technology and talent. They also discuss consolidation, succession planning, the differences between legal and other professional services sectors, and why some investors are becoming more selective about the firms they back. Finally, the conversation turns to the biggest unanswered question in the market: exits. The panel debates whether private equity-backed law firms can deliver the returns investors need, who the eventual buyers might be, and whether outside capital will become a normal feature of the UK legal market over the next decade. The Non-Billable Podcast is sponsored by Legora. To find out more about Legora, visit: https://legora.com/ Today’s episode is also supported by Definely. To find out more about Definely, visit: https://www.definely.com/nonbillable Chapters 00:01 Introduction 01:30 Introductions & setting the scene 04:40 Why investors are bullish on legal services 12:55 Why legal is different from accounting and other professional services 22:30 Has the private equity boom in law firms stalled? 27:30 Why law firms seek outside capital, and what changes afterwards 42:40 Talent, AI and the future law firm business model 53:50 The exit problem: IPOs, secondary sales and investor returns 1:03:50 Advice for law firm leaders and predictions for the future About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: ⁠⁠https://www.nonbillable.co.uk

The business of international arbitration with Boies Schiller’s Tim Foden

Tim Foden is co-head of the international arbitration group at Boies Schiller Flexner in London. In this episode, he joins the podcast to discuss his path into arbitration, his time at Allen & Overy and Quinn Emanuel, and why he believes specialist disputes firms offer something fundamentally different to full-service law firms. The conversation explores the business of international arbitration, from commercial disputes between companies to high-stakes claims brought by investors against states. Tim explains how investment treaty arbitration works in practice, why resource nationalism continues to drive disputes around the world, and what it is like handling cases involving governments, mining projects and politically sensitive assets. Tim also shares his perspective on litigation funding, pushing back on the idea that funders encourage weak claims. He explains how funding has become a critical tool for many claimants, how funded cases are assessed, and why the UK Supreme Court’s PACCAR decision has had less impact on his practice than many predicted. Finally, we discuss London's position as a global disputes hub, the outlook for arbitration and collective actions, and Boies Schiller Flexner's growth plans in the UK as the firm continues to expand its London disputes practice. The Non-Billable Podcast is sponsored by Legora. To find out more about Legora, visit: https://legora.com/ Today’s episode is also supported by Definely. To find out more about Definely, visit: https://www.definely.com/nonbillable Chapters 00:01 Introduction 01:34 From courtroom dramas to international arbitration 03:10 Allen & Overy, Quinn Emanuel and life at a disputes boutique 05:06 Why specialist disputes firms think differently 10:48 Joining Boies Schiller and rebuilding the London office 16:16 The business of international arbitration and investor-state disputes 22:30 Litigation funding, PACCAR and access to justice 30:59 Why London remains the world's leading disputes hub 33:55 The future of disputes and Boies Schiller's growth plans in London About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: ⁠⁠https://www.nonbillable.co.uk

Why US firms are still winning the talent battle in London

Headhunter Scott Gibson returns to the podcast for a wide-ranging conversation on what’s going on in the London partner market. As co-founder of Edwards Gibson, Scott tracks every major partner move in the City and has one of the clearest views of how the market is moving beneath the surface. We discuss why partner movement remains near record levels despite a tougher economic backdrop, the continued influence of US firms in London, and how areas like private capital, infrastructure and real estate are driving demand. Scott also explains why mergers create far more disruption than firms like to admit, and why that often leads to opportunities elsewhere in the market. The conversation also dives into the changing economics of partnership itself. Scott breaks down the rise of non-equity partnership structures, why UK firms face a “home turf disadvantage” against US rivals, and how compensation systems are evolving as firms compete for rainmakers. We also talk about whether partnership is still as attractive as it once was, what top firms are really looking for when they hire laterals, and why law firms today may be more fragile than many lawyers realise. The Non-Billable Podcast is sponsored by Legora. To find out more about Legora, visit: https://legora.com/ Today’s episode is also supported by Definely. To find out more about Definely, visit: https://www.definely.com/nonbillable Chapters 00:01 Introduction 02:26 The London partner recruitment market explained 04:21 Why partner moves hit record highs in 2025 08:17 The hottest practice areas in Big Law right now 11:37 Will restructuring finally boom in London? 14:41 Are Magic Circle firms fighting back against US rivals? 21:30 What law firms really want from lateral partner hires 27:06 The rise of non-equity partnership in Big Law 45:44 Which recent law firm mergers will actually work About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: ⁠⁠https://www.nonbillable.co.uk

Inside Lawfront: The PE-backed law firm group betting big on consolidation

Axel Koelsch, COO of private equity-backed legal group Lawfront, joins the podcast to discuss how outside investment is reshaping the UK legal market and why he believes consolidation is still in its early stages. Koelsch explains how Lawfront’s model works in practice, why the group allows firms to retain their brands and leadership teams, and how central investment in areas like technology, operations and business services is becoming increasingly important as law firms face growing competitive pressure. The conversation also explores what lawyers often misunderstand about private equity, the operational lessons Koelsch brought from senior roles at firms including Freshfields and Addleshaw Goddard, and why the traditional partnership model can struggle to move quickly enough in a rapidly changing market. Finally, Koelsch discusses the future of the sector, including AI, scale, talent and why he expects further consolidation across both the regional and commercial law firm markets in the years ahead. The Non-Billable Podcast is sponsored by Legora. To find out more about Legora, visit: https://legora.com/ Today’s episode is also supported by Definely. To find out more about Definely, visit: https://www.definely.com/nonbillable Chapters 00:01 Introduction 01:30 Axel’s journey from lawyer to law firm COO 03:25 Applying consultant-style strategy inside major law firms 07:18 Why Axel joined Lawfront 10:38 Inside Lawfront’s “national scale for regional leaders” model 14:31 How Lawfront integrates firms without losing culture 20:08 The Lawfront growth playbook: recruitment, pricing and EBITDA 22:25 Why equity partnership is becoming less attractive to lawyers 27:46 Why Axel believes consolidation in UK law is inevitable About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: ⁠⁠https://www.nonbillable.co.uk

How private equity is changing the legal market in Sweden

In this episode, Maria-Pia Hope - former managing partner of top Swedish law firm Vinge and now CEO of private equity-backed legal group AGRD - explains why she believes the legal market is entering a “paradigm shift” driven by AI, technology and changing client expectations. Backed by Nordic PE firm Axcel, AGRD has already brought together eight Swedish commercial firms and is now one of the country’s largest legal groups. Maria-Pia discusses how the model works in practice, with firms retaining their own brands, clients and day-to-day independence while pooling resources around AI, technology and central functions. The aim, she says, is to help entrepreneurial firms embrace industry change without losing their culture or identity, while also benefiting from faster decision-making and longer-term investment horizons. The conversation also explores how private equity’s role in legal is evolving, with Maria-Pia arguing that modern investors bring expertise, operational support and strategic thinking rather than simply focusing on cost-cutting. She also discusses AGRD’s plans to expand further across the Nordics and eventually into the UK market, where the group sees significant opportunity. The Non-Billable Podcast is sponsored by Legora. To find out more about Legora, visit: https://legora.com/ Today’s episode is also supported by Definely. To find out more about Definely, visit: https://www.definely.com/nonbillable Chapters 00:01 Introduction 01:30 Leading Sweden’s top law firm Vinge 03:50 Why Maria-Pia joined private equity-backed AGRD 06:07 Building a group of entrepreneurial commercial law firms 08:38 The “Nordic governance model” and preserving firm independence 11:15 AGRD’s AI and technology strategy 13:00 How private equity-backed law firms operate day-to-day 18:00 Leaving the Swedish Bar Association to take PE investment 19:50 AGRD’s UK expansion plans and the future of legal consolidation About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: ⁠⁠https://www.nonbillable.co.uk