The private equity crush on law firms has reached its natural endpoint: an Instagram satirist. Fitness instructor Johnny Hilbrant’s deal-bro alter ego announces his fund is scooping up law practices and waves off Rule 5.4 as so much drama. And yes, the plan has an AI piece. Of course it does.
It lands because the debate is real. Model Rule 5.4 still bars nonlawyers from owning firms, and lawyers are openly arguing about PE money anyway. If a fund ever does buy your outside counsel, you’ll want to know who is really reading the engagement letter. Until then, enjoy a fresh entry for the weird, wacky and funny file.
“His character “PE Guy,” who has a MBA from Northwestern University’s Kellogg School of Business, works in private equity, is married with three kids and likes to name-drop.”
Read: Influencer who parodies private equity guys riffs on nonlawyer ownership of firms at ABA Journal