Private Equity Legal Alliance Releases Second White Paper: From Practice to Platform™

New Publication Examines How Legal Services Platforms Are Built, Scaled and Governed in an Era of Institutional Capital

CHICAGO, June 9, 2026 /PRNewswire/ -- The Private Equity Legal Alliance (PELA) today announced the release of its second white paper, From Practice to Platform™: A Practical Guide to Structuring the Modern Law Firm MSO – from LOI to Post-Transaction Integration.

Building on the success of PELA's inaugural publication, which examined the growing role of private capital in legal services, the new white paper focuses on a different question: not why capital is entering the legal industry, but how owners and investors can build scalable, durable legal-services platforms once a transaction begins.

Developed by a multidisciplinary team of legal, operational, financial, compliance and investment professionals from Samson Partners Group and Holland & Knight LLP, the publication provides practical guidance for law firm owners, managing partners, private equity sponsors, family offices, private credit investors and advisors navigating one of the most significant structural shifts in the modern legal marketplace.

"At this point, the conversation has evolved," said Seth Deutsch, Founder and Managing Partner of Samson Partners Group. "The question is no longer whether private capital will participate in legal services. It already is. The question now is how owners and investors can structure these transactions in a way that creates long-term value while preserving the professional and ethical foundations of the practice of law."

The timing of the publication comes as interest in law firm MSOs and private capital investment in legal services continues to accelerate. Recent industry developments, including reports that Morgan & Morgan is exploring private equity investment, have accelerated a broader trend: the institutionalization of legal services as an asset class. As capital, governance structures and professional management enter the sector, founders and investors require more than transaction expertise – they need a blueprint for building durable platforms.

As that trend towards institutionalization gains steam, the industry is confronting many of the same challenges private equity sponsors have faced for decades in healthcare, accounting, insurance distribution and other fragmented professional-services sectors: how to build scalable operating platforms rather than simply aggregate EBITDA. The debate over whether outside capital belongs in legal services is rapidly drawing to a close; the next decade will be defined by how effectively founders, investors and operators build durable platforms that create long-term value while preserving the professional and ethical foundations of the practice of law.

From Practice to Platform™ focuses in particular on one of the most misunderstood phases of any legal-services transaction: the period between signing a Letter of Intent (LOI) and closing. According to the paper, many of the governance, operational, integration, reporting and scalability challenges that emerge after closing can be traced directly to decisions made during this critical pre-close period. Rather than viewing the time between LOI and close as a transitional interval, the paper argues that it should be treated as a structured build phase during which the foundation for the future platform is designed.

"Much of the market remains focused on transactions, valuations and deal activity," said Deutsch. "Those things matter. But transactions do not create platforms. Architecture does. The period between LOI and close is where the platform is actually built. It's where owners and investors decide what will be centralized, what will be influenced and what must remain decentralized. It is where governance, finance, technology, operations, accountability and integration are designed long before they are tested under live conditions."

Like any successful buy-and-build strategy, the operating model must be intentionally architected at conception, implemented with discipline and continuously refined throughout the hold period. The white paper explains in detail how simply assembling a larger collection of EBITDA rarely produces meaningful multiple expansion on its own. Enterprise value is created when firms are integrated into a common operating system that improves performance, creates transparency, aligns leadership and enables scalable growth.

"Too often, owners and investors focus on getting the deal done without fully appreciating that they are simultaneously designing the operating system that will determine whether the platform succeeds," said Jordan McMillian, Partner at Samson Partners Group. "The decisions made before closing influence everything from governance and compliance to integration, scalability and enterprise value. The first MSO becomes the template for every acquisition that follows. This paper provides a roadmap for getting those decisions right."

The publication also highlights the importance of maintaining clear boundaries between legal judgment and business operations, a foundational principle of the MSO model.

"As capital continues to enter the legal industry, it is critical that innovation be paired with rigorous attention to professional responsibility requirements," said Trisha M. Rich, Partner at Holland & Knight. "Well-structured MSOs can provide significant operational and economic benefits, but only when the distinction between the practice of law and the business of law is thoughtfully designed, clearly documented and consistently maintained."

Unlike many discussions surrounding private capital in legal services, which focus primarily on transaction activity, valuation trends or market consolidation, From Practice to Platform™ focuses on platform architecture, operating-system design, integration discipline and the structural decisions that ultimately determine whether a legal-services platform succeeds after closing.

"We believe the legal industry is still in the early stages of a transformational shift," added Deutsch. "The industry has spent years debating the transaction. We wrote a paper about building the platform. During diligence, we learn about the business. Between LOI and close, we design the platform. During ownership, we create the value. Ultimately, a platform is not a collection of firms. A platform is a system. And systems create value."

The white paper is available for free download through PELA member organizations and at
samsonpartnersgroup.com/pe-legal-alliance.

About the Private Equity Legal Alliance
The Private Equity Legal Alliance is a consortium of leading advisors, legal experts, business specialists and financial professionals dedicated to helping law firms and investors navigate today's evolving landscape of ownership opportunities. The Alliance delivers the strategic, legal, operational and governance expertise required to structure ethical and sustainable partnerships in the modern legal economy. Learn more at SamsonParntersGroup.com/pe-legal-alliance.

SOURCE The Private Equity Legal Alliance