Private equity firm Charlesbank bets on US law firm in back office deal

Charlesbank Capital Partners is investing in the back-office operations of Wood Smith Henning & Berman, the Los Angeles-based US insurance defense law firm, in a deal announced Monday. Wood Smith Henning & Berman, which has more than 550 lawyers across 23 states, created WSHB Support Services to provide non-legal operational infrastructure and support. Charlesbank’s capital will help the firm expand geographically and invest in technology, artificial intelligence, and data science capabilities. Financial terms were not disclosed, though the Financial Times previously valued the law firm at about $700 million. The MSO structure is designed to let investors fund non-legal operations while lawyers retain control over legal matters and fees. The firm says it will remain independent.