Private equity is making moves in the legal industry, and Crispin Passmore has a message for firms that think they can ignore it: adapt or risk getting left behind.
Chris Batz and Howard Rosenberg sit down with Crispin, the co-founder of Stratify and a former U.K. regulator turned law firm consultant, to talk about what's happening on both sides of the Atlantic. Why has the U.K. embraced alternative business structures while the U.S. continues to resist change? Is the legal industry really evolving, or does it just feel that way to those pushing for reform? Crispin shares his perspective on where things stand, why some firms feel no urgency, and what's fueling the momentum in places like Arizona.
Crispin also dives into what private equity sees in the legal sector: why investors are drawn to it, how they're already involved, and what it means for firms that want to stay competitive. But money alone won't solve the industry's biggest challenges. Governance structures are outdated. Succession planning is a mess. Many firms still operate as if the market hasn't changed in decades. Crispin explains why those who are looking outward, not inward, will have the biggest advantage in the years ahead.
Change may feel slow, but as Crispin puts it, revolutions rarely happen overnight. When the shift picks up speed, will firms be ready?
Episode Breakdown:
00:00 Introduction to Private Equity in Legal Industry
03:04 Comparison of U.K. and U.S. Legal Market Liberalization
05:50 Success of ABS in the U.K.
08:02 U.S. States Experimenting with Legal Market Liberalization
11:45 Structuring National Practices from Arizona ABS
14:55 Vulnerability of Law Firms to Market Changes
16:45 Private Equity Interest in Legal Market
19:06 Alternative Ways for Private Equity to Enter U.S. Legal Market
21:15 Challenges of Private Equity in Traditional Law Firms
25:13 Changing Dynamics in Law Firms with Private Equity
29:02 Future of U.S. Law Firms with ABS in the U.K.
33:35 Effective Use of Raised Capital by Law Firms
35:17 IPOs vs. Private Markets for Law Firms
Links
Connect with Crispin Passmore:
Profile: https://www.linkedin.com/in/crispin-passmore/
Firm Website Bio: https://www.passmoreconsulting.co.uk/about-me
Connect with Howard Rosenberg:
LinkedIn profile: https://www.linkedin.com/in/hrosenberg/
Company web profile: https://www.baretzbrunelle.com/howard-rosenberg
Connect with Chris Batz:
LinkedIn Profile: https://www.linkedin.com/in/chrisbatz/
LinkedIn Company page: https://www.linkedin.com/company/columbus-street/
Columbus Street website: https://www.columbus-street.com/
Podcast production and show notes provided by HiveCast.fm
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