Chicago-HQ McDermott in restructure talks. Photo by Scott Olson/Getty Images

US law firm McDermott Will & Schulte is reportedly exploring a complex restructuring to allow private equity firms to buy a stake in what could be a major move in the legal market.

The proposed structure, as reported by the Financial Times, involves creating a managed service organisation (MSO), a separate entity in which outside investors, like PE firms, could own a stake.

The firm’s chair, Ira Coleman, confirmed to the FT that as a “fastest-growing, most successful modern law firm,” McDermott is “constantly approached and we always listen to new ideas,” and is “excited to learn from other leading organisations as we challenge the status quo.”

While his son, Zack Coleman, senior director of business opportuni

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