The dam is breaking: law firm capital deals are closing faster than regulators can write the rules to stop them.

Trish Rich of Holland & Knight and Lucian Pera of Adams & Reese are two ethics lawyers operating at the center of one of the profession's most consequential shifts, and their deal volume tells the story better than any headline. Trish's team closed six deals in all of 2025. By early June 2026, they had already closed fifteen. The players at the table have changed too. A year ago, this was almost entirely a personal injury story. Today, immigration firms, corporate law firms, and insurance companies are all asking serious questions about what MSO structures could mean for their businesses.

So what about the regulatory pushback? Trish described it as trying to stop a waterfall by standing underneath it. Lucian was more blunt: the loudest opposition is coming from one segment of plaintiff's trial lawyers trying to protect their franchise from another. The same people backing restrictive legislation are often calling Trish and Lucian to get their clients in under the wire before it passes.

The big law question is no longer theoretical. Lucian predicted that more than one major firm announcement is likely before the end of 2026, with structures leaning toward minority investment given the challenge of building consensus across hundreds of partners. When the capital comes in, the primary plan is talent, not technology. On AI specifically, Lucian was direct: if costs commoditize the way technology historically does, a small firm with the right tools could quietly out-earn a firm that spent hundreds of millions chasing the same outcome. The firms closing deals that actually work share one thing in common. They came to the table with trust, a shared business vision, and a plan for what comes next.

Episode Breakdown:

00:00 Law Firm Capital and MSO Deals: What's Actually Happening Right Now

03:04 Regulatory Pushback and Why Capital Keeps Winning

12:06 Insurance, Risk Management, and New Deal Structures

18:12 Best Practices for Successful MSO Deals

23:47 AI, Native Law Firms, and the Future of Legal

Links

Connect with Trish Rich:

Law Firm Web bio: https://www.hklaw.com/en/professionals/r/rich-trisha-m

Trish's LinkedIn Profile link: https://www.linkedin.com/in/trisharich

Connect with Lucian Pera:

Law Firm Web bio: https://www.adamsandreese.com/people/lucian-pera

Lucian's LinkedIn Profile link: https://www.linkedin.com/in/lucianpera

Connect with Howard Rosenberg:

LinkedIn profile: https://www.linkedin.com/in/hrosenberg/

Company web profile: https://www.baretzbrunelle.com/howard-rosenberg

Connect with Chris Batz:

Connect with Chris on LinkedIn

Follow Columbus Street on LinkedIn

Columbus Street Website

MergerWatch Website

Podcast production and show notes provided by HiveCast.fm

Andy Kvesic left the job every lawyer wants to build something the profession had never seen.

As CEO of Aprio Legal, he traded a general counsel role at a thriving family office for the harder, riskier work of acquiring a Phoenix law firm and redesigning how professional services actually work. The result is a historic combination: the first time two Alternative Business Structure firms have merged, bringing together a corporate law firm and a national accounting and advisory firm backed by private equity. Attorneys, accountants, wealth planners, and business advisors now serve the same clients under one roof.

The idea came from watching entrepreneurs waste time and energy bouncing between disconnected professionals who never coordinated with each other. Arizona's 2021 rule change allowing non-lawyer law firm ownership gave Kvesic the opening to try something different. His merger with Aprio wasn't a calculated exit. It was the recognition that both firms were solving the same problem from opposite ends: Aprio's professionals were constantly referring clients out for legal work, and Kvesic's attorneys were constantly referring clients out for tax and accounting. Neither could fully serve their clients alone.

Building the integrated platform also forced a reckoning with how differently law firms and accounting firms run their businesses. After two decades working almost exclusively with other lawyers, Kvesic found Aprio's infrastructure to be a genuine upgrade: multi-year planning, pipeline visibility, real margin analysis. For an industry that largely runs on a cash-in, cash-out model aimed at maximizing year-end partner distributions, the difference is significant.

The legal profession is changing whether it wants to or not. The more interesting question Kvesic raises is whether the people inside it will have the courage to lead that change rather than resist it.

Episode Breakdown:

00:00 From General Counsel to Law Firm Owner: Andy Kvesic's Career Path

02:51 The Vision Behind Raddock's Law and the ABS Model

09:03 How Aprio Legal Became the First ABS-to-ABS Merger

14:57 Cultural Differences Between Lawyers and Accountants

24:33 How Accounting Firm Discipline Is Changing Law Firm Operations

29:35 Growth Strategy and the Integrated Legal Accounting Platform

37:52 ABS Advice and the Future of the Legal Profession

Connect with Andy Kvesic:

Connect with Andy on LinkedIn

Andy Kvesic - CEO, Aprio Legal | Partner

Connect with Howard Rosenberg:

Connect with Howard on LinkedIn

Howard's Company web profile

Connect with Chris Batz:

Connect with Chris on LinkedIn

Follow Columbus Street on LinkedIn

Columbus Street Website

MergerWatch Website

Podcast production and show notes provided by HiveCast.fm

When permanent capital, AI disruption, and a rapidly fracturing talent market collide inside the legal industry, the old rules for how law firms grow, get funded, and build their next generation of lawyers stop making sense.

David Perla, Vice Chair of Burford Capital, joins hosts Chris Batz and Howard Rosenberg to break down why permanent capital is a fundamentally different proposition than traditional private equity for boutiques and founder-controlled firms ready to grow, and why the AmLaw 100 is unlikely to move anytime soon.

The more urgent conversation is about what neither capital nor strategy can fully solve. Law firm leaders are making multi-year associate class decisions without any reliable sense of what their workforce looks like in twelve months. Startups that needed fifty people eighteen months ago now run on seven or eight. The associate pipeline, in-house departments, recruiting timelines: all of it is under pressure that is accelerating faster than most leaders want to admit.

Perla's advice is deceptively simple. Get curious. Ask hard questions of people who think differently. The firms that navigate this moment well are the ones willing to challenge assumptions before the market forces the issue.

Episode Breakdown:

00:00 Introduction: David Perla, Vice Chair of Burford Capital

06:05 Building Pangea3 and Pioneering Legal Outsourcing

12:51 How Burford Capital Invests in the Legal Industry

23:44 Where Private Capital Is Heading in Law Firm Investment

29:51 AI, Legal Talent, and the Associate Pipeline Crisis

39:23 Legal Tech Valuations and the Coming Shakeout

46:06 Advice for Law Firm Leaders Navigating Disruption

Links

Connect with David Perla:

Company Bio: https://www.burfordcapital.com/about-us/our-team/david-perla/

LinkedIn Profile link: https://www.linkedin.com/in/davidperla/

Connect with Howard Rosenberg:

LinkedIn profile: https://www.linkedin.com/in/hrosenberg/

Company web profile: https://www.baretzbrunelle.com/howard-rosenberg

Connect with Chris Batz:

Connect with Chris on LinkedIn

Follow Columbus Street on LinkedIn

Columbus Street Website

MergerWatch Website

Podcast production and show notes provided by HiveCast.fm

What happens to the modern law firm when AI strips away the advantage of size and leaves judgment as the true measure of value?

Robb Patryk joined Chris Batz and Howard Rosenberg to talk about why AI may reset some of the biggest assumptions in the legal industry. If sophisticated legal work no longer depends on armies of lawyers, what actually gives a firm its edge? For Robb, the answer is clear. Sharp judgment, trusted client relationships, and a strategy that knows exactly which problems a firm is built to solve.

This conversation gets to the real pressure point behind all the AI hype. What happens to training when junior lawyers no longer learn through hours of document review? What happens to growth when bigger no longer means better? Robb makes the case for a more deliberate future where independent firms can stay competitive, stay focused, and stay human while using AI to move faster and think better.

There is also a bigger leadership question running through this episode. How do you protect a firm's identity when the market keeps pushing toward consolidation, private equity, and scale at all costs? Robb offers a grounded look at what it takes to lead with conviction in a moment when the legal world feels wide open.

Episode Breakdown:

00:00 AI in Law Firms and the Future of Independent Firms

08:02 Law Firm Strategy, Growth, and Practice Mix

12:33 How AI Will Reshape Legal Talent and Firm Scale

16:09 Private Equity, Non-Lawyer Ownership, and Law Firm Culture

23:45 How Independent Law Firms Stay Competitive

Connect with Robb Patryk:

Robb's Law Firm Web Bio

Connect with Robb on LinkedIn

Connect with Howard Rosenberg:

Connect with Howard on LinkedIn

Howard's Company web profile

Connect with Chris Batz:

Connect with Chris on LinkedIn

Follow Columbus Street on LinkedIn

Columbus Street Website

MergerWatch Website

Podcast production and show notes provided by HiveCast.fm

What does it take to grow a 1,200-lawyer firm through chaos, competition, and industry change without losing the culture and discipline that made it strong in the first place?

Hosts Chris Batz and Howard Rosenberg sit down with Chase Simmons, Chair and CEO of Polsinelli, for a thoughtful conversation about leadership under pressure. As the leader of one of the largest full-service U.S.-focused law firms, Chase brings a clear point of view on growth, judgment, and the kind of institutional clarity that gets tested when the market shifts.

The conversation gets to the heart of how firms grow without losing themselves. Chase shares why Polsinelli has stayed intentionally U.S. focused, how leadership teams decide where to invest and where to hold back, and what hard moments can reveal about a firm's values. What helps a firm stay disciplined when the market keeps shifting? What becomes possible when leaders know who they are and refuse to chase every opportunity?

Chris and Howard also ask Chase about private equity, AI, succession, and the broader disruption reshaping big law. What emerges is a thoughtful discussion about stewardship, ambition, and the choices that give a firm staying power. It is a grounded look at leadership from someone who has helped scale a major firm while staying protective of the culture behind it.

Episode Breakdown:

00:00 Polsinelli's Growth Strategy and Leadership Vision

03:08 Building a Law Firm Culture That Holds Up Under Pressure

11:56 The Future of Big Law and Industry Disruption

14:59 AI and the Changing Practice of Law

17:54 Private Equity and the Future of Law Firm Ownership

21:04 Leadership Lessons for Law Firm Leaders

Connect with Chase Simmons:

Chase Simmon's Law Firm Web bio

Connect with Chase on LinkedIn

Connect with Howard Rosenberg:

Connect with Howard on LinkedIn

Howard's Company Web Profile

Connect with Chris Batz:

Connect with Chris on LinkedIn

Follow Columbus Street on LinkedIn

Columbus Street Website

MergerWatch Website

Podcast production and show notes provided by HiveCast.fm

What happens when accomplished lawyers realize the traditional firm model no longer supports the practice they want to build?

James Hacking, founder and CEO of Kindleworth, joins the conversation for a clear-eyed look at why more top lawyers are questioning the traditional big law model and what it takes to build something more aligned, more focused, and more sustainable.

At the center of the discussion is a simple truth: many partners are not looking to leave because they are bored or impulsive. They are responding to real pressure. Conflicts get in the way. Firm priorities shift. Business models grow rigid. At a certain point, the question becomes unavoidable. What happens when the institution no longer supports the work you do best?

James brings real specificity to that tension. He explains why boutique firms have become a more serious option for elite lawyers and why the move requires more than confidence and a strong book of business. What does it actually take to launch well? What do lawyers often fail to see until they are in the middle of it? This conversation stays grounded in those questions.

The result is a thoughtful look at agency, timing, and design inside a changing legal market. For anyone curious about where the industry is headed, or what it looks like to build a firm around the work that matters most, this episode gives that conversation real substance.

Episode Breakdown:

00:00 The Rise of Boutique Law Firms

05:03 Understanding Kindleworth's Mission

12:34 The Process of Launching a Law Firm

19:24 Navigating the US Legal Market

24:04 Common Mistakes in Law Firm Launches

28:11 Future Services and Growth Opportunities

31:18 The Future of Boutique Legal Services

Connect with James Hacking:

Connect with James on LinkedIn

Law Firm Web bio

Connect with Howard Rosenberg:

Connect with Howard on LinkedIn

Company web profile

Connect with Chris Batz:

Connect with Chris on LinkedIn

Follow Columbus Street on LinkedIn

Columbus Street Website

MergerWatch Website

Podcast production and show notes provided by HiveCast.fm

What if the biggest barrier to justice in America is the legal profession itself and the solution begins by rethinking who is allowed to help people solve their legal problems?

Chris Batz and Howard Rosenberg sit down with Natalie Knowlton of Stanford Law School's Deborah L. Rhode Center about the widening gap between the legal system and the people it is meant to serve. Millions of Americans cannot access legal help, including many in the middle class. Natalie argues the problem goes beyond funding. The structure of the profession itself limits who can deliver legal services and how people receive help. This conversation sits at the intersection of Legal Tech, Access to Justice, policy, and innovation.

A central question drives the discussion. Should lawyers be the only people allowed to provide legal assistance? Natalie challenges that long-standing assumption. Many everyday legal needs involve simple processes such as filling out forms or navigating court procedures. Could trained non-lawyers and technology expand access where lawyers are scarce or unaffordable? The conversation explores how emerging Legal Tech tools and direct-to-consumer platforms may help people understand legal problems and identify practical next steps.

The episode also looks at how legal education, regulation, and global experimentation shape the future of the profession. Natalie points to reforms in places like the United Kingdom and Canada that test new service models through regulatory sandboxes. Could similar experimentation help the United States close the justice gap? The discussion leaves listeners with a larger question about the future of law. What would the legal system look like if it were designed around real human needs and genuine Access to Justice?

Episode Breakdown:

00:00 Access to Justice and the Future of Legal Services

01:11 Natalie Knowlton's Journey Into Legal Innovation

06:28 Why Most Americans Cannot Afford Legal Help

10:34 Non-Lawyer Legal Services and UPL Reform

12:13 Legal Tech and Direct-to-Consumer Justice Tools

18:42 Legal Innovation Lessons From the UK and Canada

20:35 The Future of Law and Access to Justice

Connect with Natalie Knowlton:

Natalie's Company Web Bio

Connect with Natalie on LinkedIn

Connect with Howard Rosenberg:

Connect with Howard on LinkedIn

Howard's Company Web Profile

Connect with Chris Batz:

Connect with Chris on LinkedIn

Follow Columbus Street on LinkedIn

Columbus Street Website

MergerWatch Website

Podcast production and show notes provided by HiveCast.fm

A top AmLaw chair makes the case that the future of Big Law belongs to firms bold enough to put business leaders in charge, rethink the billable hour, and prove that remote attorneys can outperform the office.

Joe Glynias, Chair of Husch Blackwell, joins Chris and Howard for a candid look at how a national firm grows without losing its footing. At the center is a deliberate structural choice: a non-lawyer chief executive runs the business so lawyers can focus on practicing law. That separation has brought operational discipline, sharper cost control, and growth that has continued well beyond the firm's last major merger. The strategy is simple in theory and demanding in practice: expand where clients need depth and bring in people who fit the culture. What if growth were driven less by geography and more by alignment?

The conversation turns to the pressures facing every firm. AI, rising rates, talent mobility, and private equity are all reshaping expectations. Joe sees AI as a tool that strips out low-value work and elevates judgment. He expects clients to push harder on efficiency and pricing. He remains curious about outside capital as a way to fund innovation, though cautious about what partners would trade away. The throughline is discipline. Protect the culture. Invest with purpose. Stay clear about what makes the firm distinct.

One of the most compelling examples is The Link, Husch Blackwell's remote office model. With hundreds of professionals working outside traditional offices, engagement scores in that group surpass those of in-office teams. Culture and development do not happen by proximity alone. They require intention. Joe closes with a reminder that law at its best is problem solving in service of others. In uncertain times, that calling feels more relevant than ever.

Episode Breakdown:

00:00 The Future of Big Law and Modern Law Firm Leadership

08:46 Strategic Growth Through Law Firm Mergers and Client Alignment

15:03 AI in Legal Services and the Shift in Law Firm Economics

25:21 Private Equity, Enterprise Value, and the Law Firm Model

38:44 Remote Work in Big Law and The Link Engagement Model

42:57 Why the Future of Law Is Bright

Connect with Joe Glynias:

Connect with Joe on LinkedIn

Joe's Company Web Profile

Connect with Howard Rosenberg:

Connect with Howard on LinkedIn

Howard's Company Web Profile

Connect with Chris Batz:

Connect with Chris on LinkedIn

Follow Columbus Street on LinkedIn

Columbus Street Website

MergerWatch Website

Podcast production and show notes provided by HiveCast.fm