Private Equity Can’t Own Tennessee Law Firms, But It Can Still Get A Piece Of The Business
Ed. note: Welcome to our daily feature, Quote of the Day.
Tennessee has somewhat bucked the national trend of looking at this and electing to regulate.
— Josh Porte, co-chair of Holland & Knight’s legal services transactions team, speaking to the Nashville Post after the Tennessee Supreme Court declined to lift the state’s ban on nonlawyer ownership of law firms. Unlike California, Colorado, and Illinois, Tennessee hasn’t imposed additional restrictions on outside investment. As Porte noted, “capital has nevertheless been flowing into legal services” through management services organizations, which let investors back firms’ administrative operations, meaning private equity can still get a piece of the business.
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
The post Private Equity Can’t Own Tennessee Law Firms, But It Can Still Get A Piece Of The Business appeared first on Above the Law.
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