Private equity group Charlesbank closes one of the biggest law firm deals

Private equity firm Charlesbank has acquired a majority stake in the management services organisation of US insurance defence firm Wood Smith Henning & Berman, in a deal valuing the firm at approximately $700 million and using a structure that permits outside investment without violating restrictions on non-lawyer ownership, potentially paving the way for further private equity investment in litigation-focused law firms as investors seek stable cash flows, consolidation opportunities and exposure to the legal services market.

More from the Financial Times.