MML acquires 27% Mourant stake

Private equity investor MML Capital has acquired a 27% stake in offshore law firm Mourant, marking the first group-level private equity investment into one of the leading firms in the offshore legal market, according to a report by the Financial Times.

The transaction represents another step in the growing convergence of private capital and professional services, with investors increasingly targeting law firms and related advisory businesses that generate resilient earnings and recurring client relationships.

Mourant, which advises clients across offshore financial centres including Jersey, the British Virgin Islands and other international jurisdictions, said the investment will support its next phase of expansion. Alongside MML’s investment, the firm completed an internal equity raise that enabled its approximately 60 shareholders to co-invest in the business, reinforcing partner alignment.

Financial terms of the transaction have not disclosed. While Mourant does not publish financial results, the firm is understood to generate annual revenues that would place it among the UK’s 50 largest law firms.

Chief executive Jonathan Rigby said the transaction is intended to accelerate growth rather than facilitate shareholder exits, with existing partners increasing their investment in the business. He added that the internal co-investment programme attracted strong demand from shareholders.

Mourant plans to deploy the new capital to invest in artificial intelligence capabilities, recruit senior legal talent and expand its international footprint. The firm currently employs around 1,000 people, including approximately 260 lawyers, across nine offices serving major global financial centres.

Growth initiatives are expected to focus on markets including Ireland, the US, Luxembourg and the Middle East, where the firm has identified increasing client demand.

The investment follows a strategic review that began in 2021. Mourant restructured from a partnership to a corporate entity last year before appointing advisers to explore external investment opportunities.

For MML, the acquisition reflects confidence in specialist legal and professional services businesses despite ongoing debate over the long-term impact of AI on the legal industry. The investor believes Mourant’s expertise in complex cross-border, offshore and regulated work provides a differentiated market position that is less vulnerable to technological disruption.