BigLaw has historically required relatively little outside capital. AI may change that. As firms invest heavily in technology, private capital could provide the funding — while raising new questions about firm economics, partner compensation and who ultimately captures the value being created.

Private capital's early investments in law firms have largely focused on personal injury and other consumer practices, where marketing, intake and technology can be centralized and scaled. Elite corporate firms present a very different investment proposition — but AI may be starting to change the equation.