Private equity in the law expanded to Sweden yesterday with the launch of AGRD Partners, a new group formed by six firms and backed by a Nordic investment house.

Allié, Born, Morris Law, Next, Synch and TM & Partners make up the group and together have around 250 professionals across eight offices.

AGRD, backed by private equity firm Axcel, is now one of the top 10 legal businesses in the country by revenue. It plans to grow both in Sweden and internationally.

Swedish law firms are prohibited from accepting external capital and so the lawyers at each firm who are currently members of the Swedish Bar Association – which regulates individuals, not firms – will have to resign their membership.

This means they cannot call themselves an ‘advokat’, the professional title for lawyers in Swede

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