Ex-Linklaters strategy chief launches advisory firm to help leaders navigate private capital interest

Greg Jackson, one of the UK legal market’s most experienced strategy advisers, is launching a new consultancy to guide law firm leaders through growth, transformation and the rising tide of private capital interest.

Jackson, who spent seven years as global director of strategy at Linklaters and most recently led PwC’s legal strategy and transformation practice, has launched Oakwood Strategy - a new advisory firm focused on helping law firms navigate everything from mergers and compensation reform to governance models and PE investment.

Advising the advisers

During his time at Linklaters, Jackson worked on everything from partner remuneration changes and market expansion to improving practice profitability. At PwC, he advised law firms of all sizes on transformation projects, often focused on operational efficiency and partnership models.

But after years inside large organisations, Jackson says he grew tired of some of the limitations. "The structure creates constraints around what’s possible", he explains. "So I decided to do it on my own terms."

His new firm, Oakwood, isn't aiming to be everything to everyone. Instead, the focus will be on four specific areas where he believes law firms need sharper support: firm strategy, combinations and M&A, compensation structures and governance.

"There’s a lot of activity under the surface at the moment", Jackson says. "Law firm leaders are polite, but not always honest with each other - and that can get in the way of serious strategic conversations. That’s where I can help."

Law firm leaders are polite, but not always honest with each other - that can get in the way of serious strategic conversations.

PE in law: 'A route to growth'

A key part of Jackson’s offering will be advising law firm leaders on whether, and how, to engage with private equity and other forms of external capital.

The sector is seeing a renewed wave of interest from investors. A number of buyout giants are reportedly showing interest, while litigation funders like Burford Capital are also eyeing investments in law firms.

"It’s not about whether private capital is good or bad", he says. "It’s one route to growth. And for firms in the £250-£500 million revenue range, particularly those thinking about scaling in Europe or making a leap to the US, it’s something they need to at least understand."

He’s already seeing a wave of interest in private capital from law firm leaders, he says, especially as mid-market firms weigh up the costs of growth in high-value markets like London.

"You might need to hire laterals at £3-5 million, but your comp model only goes to £1.5 million", he says. "Private capital can bridge that gap, if you can structure it properly."

Still, Jackson acknowledges the complexity. "You’re essentially crystallising value for a particular generation of partners at a single moment in time. That can create real tensions."

And while the legal industry is watching the wave of accountancy sector rollups closely, Jackson warns against drawing too many comparisons. "Law firms and accounting firms are structured very differently. We haven't yet seen a legal rollup deliver the kind of clear exit that would attract scaled PE interest. But that could change, and quickly."

It’s a route to growth - for firms in the £250-£500 million revenue range, it’s something they need to at least understand.

Helping firms avoid the pitfalls

While some firms are exploring investment, others are grappling with compensation reform, performance models or international expansion. In all cases, Jackson argues, managing partners could benefit from access to his external insight and help making tough decisions.

"I’m not trying to build a consulting team with tons of juniors behind me". he says. "This isn’t about scale. It’s about experience and knowledge, and understanding the personalities and politics inside these firms."

Oakwood is already working with clients and, Jackson says, he is hiring. He’s particularly interested in bringing on "elite-level analytical talent" who want to work on strategic problems at the highest level of the legal market - his inbox is open for anyone interested.

Ultimately, he wants Oakwood to become one of the leading advisers to law firm leaders in the UK and Europe."Most law firms don’t lack ambition", he says. "They lack clarity. My job is to help them move from polite conversations to real outcomes."