The unprecedented rise of AI is driving law firms toward private equity

Fueled by the unprecedented costs of artificial intelligence, major law firms are daring to do the once unthinkable and would upend the industry’s two-century-old business model: selling to private equity.

Seven of Australia’s largest firms have already abandoned the traditional model where partners own the entire practice. These include the insurance group Wotton Kearney, which is now 21 percent owned by Straight Bat, and the full-service company Hamilton Locke, whose owner HPX Group is looking for a private equity buyer.

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