It's illegal in most states for private equity to buy a law firm. Lawyers have figured out a workaround.
The loophole, known as a "managed services organization" - or MSO - allows non-lawyers to effectively own part of law firms through a second corporate entity.
The deal market has experienced a remarkable boom, resulting in an M&A lateral feeding frenzy as firms compete for the best legal talent and expertise to manage the increased activity.
