Ed. note: Law Shucks focuses on life in, and after, BigLaw, including by tracking layoffs, bonuses, and laterals. Above the Law is pleased to bring you this weekly column, which analyzes news at the world’s top law firms.
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Private equity is one of the largest benefactors of BigLaw.
PE firms are massive consumers of all sorts of legal work, from fund formation, to investment transactions, to exits. Investment banks – and perhaps government (see, e.g., Davis Polk, Cleary Gottlieb, and Simpson Thacher slurping from the TARP firehose), thanks to recent events that have pumped that above traditional norms – are probably the only providers of more billable hours.
Even corporate clients that do a quarter-trillion dollars worth of deals with one lawyer can’t compete with the soup-to-nuts appetite of private equity.
In honor of all the billable hours they and their portfolio companies have generated, this week is All Private Equity….