Key Takeaways
- • Charlesbank Capital Partners is investing in WSHB Support Services, a new company that will provide technology and business support to Wood Smith Henning and Berman (WSHB), a U.S. litigation and insurance defense law firm, announced October 19, 2026.
- • The Financial Times reported the deal values WSHB at about $700 million, but neither Charlesbank nor WSHB has confirmed the figure or disclosed the investment amount or ownership stake.
- • WSHB, founded in 1997, has more than 550 lawyers in 43 offices across 23 states, and plans to use the funding to enter new markets and invest in AI and data science.
- • The structure is a management services organization (MSO) model: Charlesbank invests in the non-legal support business, while WSHB's lawyers retain control of legal work and client matters.
- • Daniel Berman will serve as CEO of WSHB Support Services, while Stewart Reid remains firmwide managing partner; all four management committee members will join the support company's board.
Summary
Private equity firm Charlesbank Capital Partners is investing in WSHB Support Services, a new company created by Wood Smith Henning and Berman (WSHB) to provide technology and business support to the firm, according to the announcement reported by JDJournal.com. WSHB, founded in 1997, focuses on litigation and insurance defense and serves insurers, businesses and other large clients. The firm has more than 550 lawyers across 43 offices in 23 states.
The parties have not disclosed financial terms. The Financial Times reported that the deal values WSHB at about $700 million, a figure the parties have not confirmed. The announcement also does not reveal how much Charlesbank invested or what ownership share it holds in the support company.
The investment is intended to help WSHB enter new markets, improve existing services and fund work on artificial intelligence and data science. The firm has not named the AI tools it plans to deploy, nor disclosed a budget or launch date. WSHB has also not announced hiring targets tied to the deal.
Leadership will be split between the two entities. Daniel Berman, WSHB's executive chairman and co-founder, will lead WSHB Support Services as CEO. Stewart Reid will remain firmwide managing partner of the law firm, and the management committee of Berman, Reid and co-founders Stephen Henning and Kevin Smith will all join the support company's board. WSHB says it will remain an independent law firm, with its lawyers continuing to make legal decisions.
The deal illustrates the MSO model, under which a separate company handles business functions such as technology, office and staff services without owning the legal practice. Many U.S. states restrict nonlawyer ownership of law firms and limit fee sharing, so such structures must comply with the rules of each state where the lawyers practice. Commentary accompanying the announcement notes that the deal reflects growing investor interest in the business side of the legal industry, and raises questions about control of business decisions and the influence investors may have.
The parties have not disclosed financial terms. The Financial Times reported that the deal values WSHB at about $700 million, a figure the parties have not confirmed. The announcement also does not reveal how much Charlesbank invested or what ownership share it holds in the support company.
The investment is intended to help WSHB enter new markets, improve existing services and fund work on artificial intelligence and data science. The firm has not named the AI tools it plans to deploy, nor disclosed a budget or launch date. WSHB has also not announced hiring targets tied to the deal.
Leadership will be split between the two entities. Daniel Berman, WSHB's executive chairman and co-founder, will lead WSHB Support Services as CEO. Stewart Reid will remain firmwide managing partner of the law firm, and the management committee of Berman, Reid and co-founders Stephen Henning and Kevin Smith will all join the support company's board. WSHB says it will remain an independent law firm, with its lawyers continuing to make legal decisions.
The deal illustrates the MSO model, under which a separate company handles business functions such as technology, office and staff services without owning the legal practice. Many U.S. states restrict nonlawyer ownership of law firms and limit fee sharing, so such structures must comply with the rules of each state where the lawyers practice. Commentary accompanying the announcement notes that the deal reflects growing investor interest in the business side of the legal industry, and raises questions about control of business decisions and the influence investors may have.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.