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

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.Chapters00:45 Adil’s Background and First Law Firm Rescue02:15 The Rosenblatt Rescue03:51 The Rise of PE in Legal Post-COVID06:27 Where PE is Investing Today09:09 Exit Challenges and Lack of Trade Sales11:45 Why Law Firm IPOs Don’t Work14:39 The Culture Clash Between Law and Public Markets16:08 Trade Sales vs PE: Who’s Buying?19:03 Why MBOs May Be the Only Exit Path21:21 Could PE Ever Buy a Top 30 Firm?23:09 Lessons from DWF and Who’s Vulnerable25:39 Exit Options for Larger Firms27:39 How PE Transactions Work in Practice30:39 How Deals Are Structured: Day One, Rollovers, Earn-Outs34:45 The Case for Building a Super Boutique from Scratch37:57 The Super Boutique Vision and TimingAbout Non-BillableNon-Billable is the media company for modern legal professionals across private practice, in-house and legal tech.Visit our website: ⁠⁠https://www.nonbillable.co.uk