Private equity firm Uplift inks MSO deal with Rhode Island law firm
By David Thomas
July 22 (Reuters) - Private equity firm Uplift Investors said Wednesday it is investing in the back-office operations of a Rhode Island-based personal injury firm, its fourth such deal since launching a management services organization earlier this year.
Here are the details:
Uplift's Orion Legal MSO will provide back-office support such as marketing, finance, technology, and administrative services to the Bottaro Injury Lawyers, which will still be owned by its attorneys.
"Partnerships like this reflect Orion's commitment to helping firms accelerate growth through shared operational excellence while preserving the independence, culture, and client-first approach that define their success," Uplift managing partner Doug Rosenstein said in a statement.
Uplift's deal with the Bottaro firm comes one week after the Darien, Connecticut-based private equity firm announced that it raised $670 million in financing.
Orion Legal, a portfolio company of Uplift that the small private equity firm launched in January, already provides back-office services to personal injury law firms operating in Georgia, Kentucky, Louisiana, and Tennessee.
Investors and other non-lawyers are broadly prohibited from owning direct stakes in U.S. law firms or sharing in attorney fees.
The MSO model has emerged as a way for law firms to receive outside investments without breaching those professional rules — the firm spins off its non-legal, back-office operations into an MSO, which can be owned or partly owned by outside investors. The law firm pays the MSO from its revenues but does not share fees.
Opensity Solutions, which provides operational and technical support to law firms and professional services firms, said Tuesday it is launching its own law firm MSO practice as the model gains traction in the legal industry.
