Private Equity Relationships with Select Law Firms
Are private equity firms loyal to the same law firm through multiple portfolio company transactions? I probed our database of private equity transactions to find out…
The quick answer is, it depends.
Some private equity firms clearly favor certain law firms for their primary legal counsel in portfolio company transactions. For example, The Riverside Company portfolio company transactions often include Jones Day as a legal adviser while Kinderhook Industries, Linden Capital Partners, Olympus Partners, Thoma Bravo, Dunes Point Capital (among others) tend to use Kirkland Ellis.
Still, other PE firms vary the law firms they use for their transactions.
Regardless, the data definitely highlights that Kirkland Ellis is killing it when it comes to private equity transactions. As well they should, as of this writing, Kirkland Ellis had 516 attorneys associated with their global private equity practice group. This is compared to 161 attorneys in the private equity practice group at Ropes & Gray, who are also very active in private equity transactions.