A PE-backed legal platform is growing fast in Sweden - and has its sights on the UK

AGRD Partners, a private equity-backed association of business law firms, has expanded its Swedish platform with the addition of Wigge and Bokwall Rislund.

The firms are the first to join since AGRD, backed by Nordic private equity house Axcel, was formed last year through the combination of six Swedish law firms: Allié, Born, Morris Law, Next Law, Synch and TM & Partners.

How it works

AGRD was launched as an alternative to the traditional law firm merger model. Rather than fully integrating firms, it operates as an association, allowing members to retain their names and autonomy while sharing investment, infrastructure and strategic initiatives.

The group has positioned itself as a long-term play, focused on collaboration, technology investment and scaling specialist capability across jurisdictions.

Adding to the mix

Wigge brings a transactions focus, with expertise spanning financial regulation, banking and finance, private equity, capital markets and real estate. Operating as a specialist boutique, Bokwall Rislund adds depth in competition law and public procurement.

Group chief executive Maria-Pia Hope, former managing partner of Swedish heavyweight Vinge, said the association’s ambition is "to scale AGRD in markets across the Nordic region and internationally, staying true to the collaborative and supportive approach of Scandinavian private equity as we expand".

She added: "Our focus is initially on scaling in the Nordics. There are at least 150 excellent firms with great client bases, and we want to build sufficient scale before we first expand into the UK and then Europe more broadly." 

Why PE wants in

AGRD’s expansion comes as private equity continues to test new structures in legal services. The strategy reflects a broader PE thesis that fragmented professional partnerships can benefit from institutional capital without the disruption of full-scale mergers.

For investors, the appeal lies in creating scale, repeatable infrastructure and cross-selling opportunities across specialist firms, while avoiding the integration risks that have historically complicated law firm combinations.

While Sweden has already proven fertile ground for such platforms, the model raises obvious questions for markets like the UK, where PE interest in professional services is growing but business law firm structures remain more conservative.

Would this work in the UK?

Structurally, the UK is one of the most permissive legal markets globally for external ownership, thanks to the alternative business structure (ABS) regime. In theory, that makes it fertile ground for PE-backed legal platforms.

In practice, however, large UK commercial firms have so far resisted association-style models. Cultural attachment to partnership autonomy, profit-sharing complexity and concerns over conflicts and brand dilution have all slowed adoption.

That said, mounting pressures on mid-market firms, rising technology and infrastructure costs and limited access to capital mean the logic behind AGRD’s model is increasingly familiar to UK managing partners.

Traction so far

Comparable structures exist in specific pockets of the UK. Lawfront, one of the country’s largest legal consolidators and backed by private equity group Blixt, has pursued growth through acquisitions of full-service regional firms including Brachers, Slater Heelis and Trethowans - its largest deal to date which brought group revenue past the £130 million mark.

What the joiners said

Patrick Forslund, founding partner at Wigge, said: "Joining AGRD Partners allows us to remain independent while gaining access to an ambitious platform with collaboration, innovation and growth at its core. We look forward to contributing to the group’s shared goals and enhancing the value we deliver to clients."

Amir Mohseni, managing partner at Bokwall Rislund, said: "AGRD Partners offers a unique model in the Nordic legal market, combining specialist expertise with a vision of long-term collaboration and teamwork. We see this as an exciting opportunity to help shape the future of the legal industry while further developing our business as a market leading specialist firm."