Law firm Morgan & Morgan explores stake sale, eyes long-term IPO, sources say

By Sabrina Valle and Milana Vinn

NEW YORK, June 5 (Reuters) – Morgan & Morgan, the largest U.S. personal injury law firm, has hired JPMorgan to explore a minority stake sale that could pave the way for a public listing years from now, according to two people familiar with the matter. 

The family-controlled firm is weighing a deal that could raise more than $1 billion and bring in an outside partner with experience in preparing businesses for the public markets, particularly private equity investors with a track record of executing initial public offerings.

Professional services firms, including law firms and consulting firms, have emerged as a growing focus for private equity investors, drawn by their steady revenue and potential to use AI to improve efficiency and profitability. 

PRIVATE EQUITY STAKES

The U.S. restricts non-lawyers’ ownership of law firms to prevent profit maximization from prevailing over clients’ interests. But private equity can benefit from growth by taking a position, for instance, in back office divisions, using a management services organization structure.

Recent deals using this model include private equity firm Trive Capital buying a stake in law firm Massumi + Consoli and Orion Legal buying a position in law firm Dudley DeBosier. 

Morgan & Morgan is exploring a similar structure, with a private equity firm that could expand and professionalize the business in preparation for a potential IPO, one of the people said. 

Morgan & Morgan co-founder John Morgan told Reuters in a response to questions that the discussions are early and that any capital raise remains uncertain. 

“Like many firms in America, we are being approached constantly, and we listen,” Morgan said. “We are fortunate that we are a highly profitable firm that really doesn’t need money to invest in growth.”

John and his wife, Ultima Morgan, both lawyers, founded the firm in 1988 and turned what was a small business into a nationwide operation with offices in all 50 states. It has funded expansion with the firm’s own profits, without external cash.  

M&M said by e-mail it has annual revenue of $2.4 billion. 

The couple controls Morgan & Morgan with their children — Matt, Michael, Daniel and Kate — with equity partners owning the rest. The sons work as lawyers at the firm alongside their parents.

John Morgan said there would be ethical and regulatory issues involved in taking a law firm public, making any such plans distant. 

JPMorgan declined to comment.

(Reporting by Sabrina Valle and Milana Vinn in New York. Editing by Echo Wang, Rod Nickel)

By Sabrina Valle and Milana Vinn | Reuters | © Copyright Thomson Reuters 2026.