Wood Smith Henning & Berman, LLP (WSHB) has formed a management services organization (MSO), WSHB Support Services, with a strategic investment from private equity firm Charlesbank Capital Partners. The MSO, WSHB says, will provide non-legal operational infrastructure and support to the firm, and WSHB will remain an independent law firm, with its lawyers retaining sole authority over the practice of law and client matters.
Daniel Berman, executive chairman and co-founder of WSHB, will lead WSHB Support Services as chief executive officer, and Stewart Reid will remain firmwide managing partner of the law firm. WSHB says its management committee—comprising Berman and Reid, and firm co-founders Stephen Henning and Kevin Smith—will continue to lead WSHB. All four members will also join the Board of WSHB Support Services.
Berman says, in a statement, “We set out to build a forward-thinking firm that endures well beyond its founders and offers a better model for the lawyers who practice here today and in the future. For nearly three decades, WSHB has grown by focusing on our clients, our people, and the quality of our work.
“My partners and I are energized to begin this next chapter with Charlesbank’s support. Their resources and experience will allow us to continue investing in our team and technology, better serving our clients as their trusted advisor in a complex and dynamic litigation environment.”
Specifically, WSHB says Charlesbank’s investment in the MSO will enable the firm to expand in existing and new geographies, deepen capabilities across practice areas, and build the infrastructure to support continued growth. WSHB also points out the ability to “meaningfully invest in new technologies,” including artificial intelligence (AI) and data science, to further enhance quality of service, deliver insight to clients, and improve employee experience.
Speaking to CLM Magazine, Berman answers the question about why now was the right time for this transaction: “We chose to take this path primarily for the benefit of our clients. Our clients want and deserve the highest level of service, including strong adoption and utilization by their firms of AI and tech. This investment in our new MSO allows us to meet these needs on a national level at a moment when the industry is truly at an inflection point.”
Mutian Rui, principal at Charlesbank, says in a statement, “WSHB has established an enviable reputation with its clients and is fast expanding into new markets and practice areas, all while maintaining the culture and values on which the firm was founded.”
Terms of the transaction were not disclosed.