Key Takeaways
- • Global buyout deal value rose 44% last year to $904 billion, second only to the 2021 record of $975 billion, while PE exits jumped 47%, according to Law.com's reporting.
- • Recruiters say the deal rebound is driving demand for sponsor-side legal talent, with Major Lindsey & Africa reporting its in-house counsel team has been "exceptionally busy" across private capital.
- • Deal count fell 6% last year, but 13 deals of $10 billion or more accounted for 69% of deal value growth, per Bain & Co.
- • Portfolio companies are building new legal departments ahead of exits, creating faster routes to general counsel roles, though general counsel talent on the sponsor side is "incredibly, incredibly competitive."
- • The backlog of PE-owned companies yet to exit reached 33,575 at June 30, more than double the 15,923 a decade ago, per PitchBook Data; unsold value is about $3.8 trillion per Bain & Co.
Summary
Private equity firms are expanding their legal teams following a 44% increase in global buyout deal value last year and a 47% jump in exits, according to Law.com. Recruiters attribute the demand to the size and complexity of transactions, with $904 billion in deal value second only to the all-time record of $975 billion in 2021. Bain & Co. data cited in the article shows that 13 deals of $10 billion or more contributed 69% of deal value growth in 2025, even though deal count fell 6%. Notable transactions included the take-private of Walgreens Boots Alliance by Sycamore Partners, valued at up to $23.7 billion including debt, and the $56 billion take-private of Electronic Arts by Affinity Partners, Silver Lake and the Saudi Arabia Public Investment Fund, described as the largest-ever leveraged buyout.
According to Ernst & Young Global data cited in the article, announced deal value globally fell 3.4% in the first half of the year to $341 billion, while exit deal value rose 9%. Major Lindsey & Africa's Cara Bain said private equity firms "have grown into these larger and more sophisticated organizations," driving hiring. Sartori & Partners found hiring is concentrated at the partner level and in fund hubs such as New York and Chicago; the firm recorded 546 live private equity openings at one point last April, 46% at partner level.
Senior hiring activity includes Amran Hussein, a 23-year Paul Weiss veteran hired by Grain Management, whose portfolio includes communications infrastructure companies 123Net and AireSpring. Carlyle Group also hired former CIA general counsel Kate Heinzelman in June to succeed retiring general counsel Jeff Ferguson, with CEO Harvey Schwartz praising her government experience.
Recruiter Mike Evers of Evers Legal sees growing opportunities for first-time general counsel at portfolio companies, some of which are seeking their first in-house lawyer to avoid spending "seven figures a year on outside counsel." BarkerGilmore's survey of 270 general counsel at PE-backed firms found most had been in their roles five years or less, indicating substantial turnover. The same survey found average salary and cash bonus of about $400,000 for women GCs and $405,000 for men, compared with a median of $557,000 at public U.S. companies. Evers noted that equity upside at exit can offset lower initial pay, while PitchBook data shows 33,575 PE-owned companies awaiting exit, valued at about $3.8 trillion according to Bain & Co.
According to Ernst & Young Global data cited in the article, announced deal value globally fell 3.4% in the first half of the year to $341 billion, while exit deal value rose 9%. Major Lindsey & Africa's Cara Bain said private equity firms "have grown into these larger and more sophisticated organizations," driving hiring. Sartori & Partners found hiring is concentrated at the partner level and in fund hubs such as New York and Chicago; the firm recorded 546 live private equity openings at one point last April, 46% at partner level.
Senior hiring activity includes Amran Hussein, a 23-year Paul Weiss veteran hired by Grain Management, whose portfolio includes communications infrastructure companies 123Net and AireSpring. Carlyle Group also hired former CIA general counsel Kate Heinzelman in June to succeed retiring general counsel Jeff Ferguson, with CEO Harvey Schwartz praising her government experience.
Recruiter Mike Evers of Evers Legal sees growing opportunities for first-time general counsel at portfolio companies, some of which are seeking their first in-house lawyer to avoid spending "seven figures a year on outside counsel." BarkerGilmore's survey of 270 general counsel at PE-backed firms found most had been in their roles five years or less, indicating substantial turnover. The same survey found average salary and cash bonus of about $400,000 for women GCs and $405,000 for men, compared with a median of $557,000 at public U.S. companies. Evers noted that equity upside at exit can offset lower initial pay, while PitchBook data shows 33,575 PE-owned companies awaiting exit, valued at about $3.8 trillion according to Bain & Co.
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