Private equity’s entry into the legal sector opens up new business models and opportunities, but it does not come without consequences. When ownership shifts away from attorneys, the professional title of “advokat” (attorney-at-law admitted to the Swedish Bar), and with it independence, confidentiality, and client loyalty, is at stake.
– In a changing market, we believe these values are more important than ever, says Magnus Dahlman, Equity Partner and attorney at Advokatbyrån Gulliksson.
Private equity has now entered the legal sector and is, of course, a welcome breath of fresh air in the market for legal services, with the potential to influence and possibly drive the development of the industry forward. There are naturally several reasons why this may be an attractive proposition, for example an uncertain market, uncertainty regarding the need for and cost of AI solutions, internal ownership structures, and the need for generational transitions. These challenges and uncertainties should not be underestimated, but they are common to all businesses. However, the entry of private equity comes at the expense of the professional title of “advokat”.
There is, of course, much to be said about the importance of the role of an attorney, but in today’s world it appears more important than ever and serves as a unique guarantee of independence, confidentiality, and quality. The title “advokat” is one of the few legally protected titles; no one who is not an advokat, under the conditions stipulated by the Swedish Bar Association, may call themselves an advokat. A client engaging an advokat can confidently rely on statutory confidentiality. Furthermore, the Swedish Bar Association’s rules on professional conduct play a crucial role in ensuring that advokater meet the high professional standards that clients are entitled to expect. All aspects of an advokat’s work – from conflicts of interest to billing and professional conduct – can be reviewed and quality-assured in an independent and legally secure manner. The the professional title of “advokat” thus serves as the ultimate guarantee of independence, client loyalty, and confidentiality.
Advokatbyrån Gulliksson is an owner-led true partnership firm. We are proud of our chosen path and remain convinced that the best way forward is through an owner-led structure of practicing advokater. We believe our partnership aligns with our culture and best supports what we aim to continue building: a long-term, values-driven firm where relationships are more personal and create greater value for our clients.
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Equity Partner
+46 70 597 51 00
