Capitalism's next frontier - outside investment in law
A little before 10:30am on 3 June 2020, Derek Boone took a deep breath and swung open the glass doors of his law firm's 49th floor conference room. As the managing partner of Chicago-based Trale Blaser & Stern, Boone had conducted hundreds of meetings in this room, but today was different. Private equity firm SilverKnight Partners had made an unprecedented $200m (£124m) investment in Trale Blaser the day before, transforming the law firm from a traditional partnership into a privately-held corporation with an equity value of $600m (£373m). Boone had just become the chief executive and in a few minutes would lead the inaugural board meeting.
Amy Kolz wonders what would happen if a private equity fund invested in an Am Law 100 firm
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