In this episode, we’re joined by Adil Taha, a former investment banker, private equity executive and one of the most experienced PE figures operating in the UK legal sector today.

Adil has led or been involved in multiple private equity transactions across professional services, including the turnaround of several law firms and the recent high-profile rescue of Rosenblatt out of failing listed group RBG Holdings.

We dive into the mechanics of private equity in law - how deals are structured, what PE firms are really looking for, and why so many are focused on buy-and-build strategies in the regional market. Adil gives a candid assessment of what’s working, what isn’t, and why we’ve yet to see a successful PE exit in UK legal.

He also unpacks the challenges of law firm listings, the hidden risks of the full-service model, and why relationship-driven businesses don’t always fit neatly into financial engineering. Finally, we talk about the opportunity Adil sees at the top end of the market: building a lean, high-performance boutique from scratch. For investors, firm leaders, and ambitious lawyers alike, this is an inside look at how private capital is reshaping the business of law.

Chapters

00:45 Adil’s Background and First Law Firm Rescue

02:15 The Rosenblatt Rescue

03:51 The Rise of PE in Legal Post-COVID

06:27 Where PE is Investing Today

09:09 Exit Challenges and Lack of Trade Sales

11:45 Why Law Firm IPOs Don’t Work

14:39 The Culture Clash Between Law and Public Markets

16:08 Trade Sales vs PE: Who’s Buying?

19:03 Why MBOs May Be the Only Exit Path

21:21 Could PE Ever Buy a Top 30 Firm?

23:09 Lessons from DWF and Who’s Vulnerable

25:39 Exit Options for Larger Firms

27:39 How PE Transactions Work in Practice

30:39 How Deals Are Structured: Day One, Rollovers, Earn-Outs

34:45 The Case for Building a Super Boutique from Scratch

37:57 The Super Boutique Vision and Timing

About Non-Billable

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Private equity is circling the legal industry: Rosenblatt rescue dealmaker Adil Taha on law firm deals, PE strategy and the exit problem

The Non-Billable Podcast

Private equity is circling the legal industry: Rosenblatt rescue dealmaker Adil Taha on law firm deals, PE strategy and the exit problem