How Do Private Equity Lawyers Really Get to The Top?
- Apr 21
- 7 min read
Private equity law doesn't stand still. Over the past four decades, US firms have moved into London, deals have grown bigger, and the pace of work has gotten much faster. AI is now changing how lawyers handle due diligence and day-to-day tasks.
Yet for all that change, the basics haven't shifted. Hard work, good judgment, and strong relationships still decide who builds a lasting career and who doesn't.
Mike Francies knows this better than most. He is one of the most well-known private equity lawyers in the City, with over forty years at the top of the market.
He trained at Clifford Chance, then became one of the first UK lawyers to join a US firm as a private equity partner, moving to Weil, Gotshal & Manges LLP.
He spent around twenty-six years there, including leading the London office. He now works at Sullivan & Cromwell LLP, helping build their private capital practice in London.
Outside law, he is Chair of the Board of Trustees at Power2, a charity that supports young people through mentoring in Manchester and London.
In this article, we explore what Mike's career teaches us about building a long and successful career in private equity law.
We look at why senior lawyers return to practice, what makes a strong partner today, how firms should handle change, and why mentorship matters just as much as closing deals.
How Do Private Equity Lawyers Build Careers in US Firms?
Most legal careers don't start with a grand plan. They begin with simple choices. Someone suggests the law, and it feels right, so you try it.
From Advocacy Ambition to Commercial Reality
Many students' first picture of life at the Bar. Standing in court sounds exciting. However, that path demands sharp advocacy skills and solid financial backing. If you lack either, the route feels tough.
So, commercial law becomes the practical option. It offers structure, income, and clearer progression. That decision often shapes everything that follows.
Early Corporate Work Sets the Course
Training in a city firm builds your base. You learn drafting, negotiation, and the deal process. Yet client exposure changes the game.
When a client keeps you involved, things shift:
You gain trust.
You take on more responsibility.
Your focus starts to narrow.
That's when a real direction forms. Private equity often enters at this stage, sometimes by chance.
Choosing Private Equity Before It Was Obvious
Private equity once looked niche. Not many rushed towards it. However, those who stepped in early gained a real advantage.
At first, lawyers mixed it with public M&A and sector work. Then the market grew fast. US firms brought strong private equity platforms from the States. London offices built around that strength.
Cross-border deals followed. Big European buyouts built credibility quickly. Momentum creates more momentum. It's simple.
From Deal Lawyer to Office Leader
Many partners move firms to build a practice, not manage one. Yet leadership often arrives unplanned. Senior figures leave, and someone must step up.
Running an office differs from closing a deal. However, shaping strategy and building teams bring their own reward.
In short, timing, relationships, and bold decisions drive private equity careers. Luck helps. But action matters more.
Why Do Senior Private Equity Lawyers Return to Practice?
Mandatory retirement can push senior lawyers out before they feel ready. Many move into consultancy or project roles and stay active. However, being busy is not the same as feeling fulfilled. After a while, some realise they still enjoy building a practice and working with clients day to day.
Why Senior Lawyers Join New Firms After Retirement
A return usually happens when the offer feels purposeful. It helps if the firm wants to grow its private capital work and sees real potential. It also matters that the role avoids heavy management duties.
The key factors often include:
A clear opportunity to build or expand a practice.
No formal leadership burden or internal politics.
A partnership culture that feels open and supportive.
That combination brings energy back. It allows a senior lawyer to focus on clients and growth without carrying the weight of running an office.
What Makes a Successful Partner Today
There is no single mould for success. Still, some traits stand out clearly. Hard work remains essential. You cannot always be the smartest, but you can work harder. Strong partners also keep clients first. It is never about ego.
Judgement matters even more. Clients pay for decisions, not hesitation. They want someone who chooses a path and stands by it. Moreover, they choose lawyers they like and trust during long, intense transactions.
Law is also a team effort. Clients expect depth across practices, so partners must invest in their teams and avoid guarding clients as personal property.
Why Some Lateral Hires Thrive, and Others Struggle
Fit drives success. A lawyer can look strong on paper yet still feel out of place. When someone feels separate from the group, momentum fades.
Common problems include:
Hiring too quickly.
Convincing yourself that a partial fit will work.
Ignoring early cultural tensions.
Structured integration plans help, but culture and shared effort decide long-term outcomes.
How Should Firms Measure Success for Private Equity Lawyers?
Firms often ask how to judge a lateral hire, but early billing numbers don't tell the whole story. A partner adds value in many ways. They support teams, build trust with clients, and help shape the office culture.
Most matters involve groups of people, so it's rarely clear that one person alone produced the work. A broader view is healthier and far more accurate.
How Firms Should Manage Change and Departures
Change inside a firm tends to create more movement. When someone leaves, others pause to consider their next step. That doesn't make change bad. It simply means firms need to guide it with care.
A sensible approach usually includes:
Staying calm and keeping relationships respectful.
Accepting that departures are part of professional life.
Protecting team morale during uncertain moments.
Moreover, it's wise to remember that the market is small. You often work with the same people again, sometimes as clients. Good behaviour keeps doors open.
Associates also need the right environment. They don't expect a partnership for everyone. They expect clear support, steady work, and a place where they can learn and grow. If those pieces exist, they stay longer and perform better.
How Associate Expectations Have Shifted
Associates haven't changed as much as the job itself. Law now moves faster, involves more technology, and carries more competition. Their approach reflects those shifts, not a change in core ability or ambition.
How AI Is Reshaping Private Equity Practice
AI now shapes both the business of law and the legal work itself. It improves diligence, supports repetitive tasks, and helps firms process information faster. Clients take this seriously and often ask how AI will help their matters.
The pace of change is quick, so firms can't sit back and copy others later. Clients use AI too, and they expect their advisers to stay ahead. Used well, AI frees time for judgment and deeper client advice. It doesn't replace senior thinking. It gives it more room to work.
How Do Mentors Shape Private Equity Lawyers Over Time?
Many senior lawyers reach a point where they want to do work that feels broader than dealmaking. Charity roles, mentoring, and community work give that sense of purpose. This shift often brings fresh energy and reminds lawyers why people matter as much as transactions.
Leadership and Philanthropy Outside the Firm
Charity work often begins through trusted contacts. Once involved, many lawyers realise how strong these teams are. They see committed trustees, focused leaders, and programmes that genuinely help young people.
School visits make the impact feel real, and it's hard not to feel moved when former students return and share their progress.
This work also brings a simple aim. Grow the charity, support the team, and help secure stable funding. It also shows how firms now see community roles as part of a lawyer's duty. Pro bono hours matter, but steady involvement with real projects matters too.
Career Highs, Lows, and the Importance of Mentorship
The most rewarding moments often come from people, not deals. Seeing someone you trained rise to partner brings a clear sense of pride. It shows that steady guidance, firm judgement, and kindness can shape a career.
Mentors teach more than law. They show how to act, listen, and treat clients and colleagues with respect. They also remind each new lawyer that growth never stops.
Private Equity Interest in Law Firms
Private equity has already entered the legal field. Investors see room for better systems, improved AI use, and smoother operations.
However, the biggest firms may move more slowly because their culture and structure raise tougher questions. Even so, if one major firm tries the model, others will closely study the outcome.
Personal Values and Non-Negotiable Standards
Clear standards help teams stay steady and work well.
Respect for everyone: Treat people fairly, even when pressure builds.
Benefit of the doubt: Don't jump to harsh views when things go wrong.
Client commitment: Keep your word and stay on the front foot.
The golden rule is simple. Treat people as you'd want them to treat you.
Conclusion
Private equity lawyers don't follow one set path. Some find it by chance. Others choose it early and stick with it. But the ones who last all share the same few traits. They work hard, put clients first, and look after the people around them.
The field is changing, too. AI is shifting how deals get done. Associates want clearer support and real growth. Senior lawyers are coming back because the work still excites them. That's not a small thing. It shows this area of law is very much alive.
However, what matters most isn't the big deals or the long hours. It's the relationships. The mentor who showed you how to act under pressure. The junior you helped become a partner. The client who trusted you through a tough time. Those things stay with you.
So don't just chase the work. Build trust, stay curious, and treat people well. The rest tends to follow.
FAQs
What qualifications do private equity lawyers need?
Most start with a law degree or a conversion course. Then they complete a training contract at a commercial firm. Good grades help, but attitude and hard work matter just as much.
How long does it take private equity lawyers to become a partner?
It usually takes about 10 to 15 years. The path isn't always straight, and some take longer. Good timing, strong clients, and steady performance all play a part.
What do private equity lawyers earn in the UK?
Junior lawyers at top firms earn between £50,000 and £100,000. Senior associates can earn well above £150,000. Partners at leading US firms in London often earn far more than that.
Do private equity lawyers move in-house to funds?
Yes, and it's a well-worn path. Many lawyers move to funds after building solid deal experience. It offers a different pace and closer involvement in investment decisions.
What's the difference between private equity lawyers and M&A lawyers?
The work overlaps, but it's not the same thing. Private equity lawyers focus on fund structures, buyouts, and portfolio work. M&A lawyers handle a wider range of deals, including public takeovers.
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