Over on our LinkedIn group some really interesting discussion topics are being batted around, especially about what possible future investment in law firms by private equity firms might mean, and whether law firms should have dedicated risk managers and compliance directors.

But I want to repeat part of the discussion about private equity because, obviously, I want more people to come join our LinkedIn group, but also because this discussion (and the one about risk and compliance) is, I feel, one that strikes to the heart of what In Business is about – how law firms will adapt and survive from a business management perspective to the changes being wrought around them. And if LinkedIn is where the discussions are happening, so be it.

Law firm consultant James Dunning posed the question 'What impact will private equity have on the legal sector?', to which I have to say I expected the response I often get from law firms when I ask them in person: 'Not much.' But no – some really interesting responses have been coming up. So far two of the most interesting, in my humble opinion, have been these two below (I have very mildly edited them).

Matthew Briggs, CEO of Minster Law: 'Whether we like it or not, and indeed regardless of regulation and compliance, there are several law firms who are already 'owned' by non-legal organisations.

'If you dig deep enough or know the 'right' people you can find operating examples of incubation laws firms, ready for post-Clementi. At Minster as CEO I have built a corporate structured law firm, with a healthy blend of lawyers and non-lawyers sat at the top table. Our results speak for themselves: grown turnover from £20m to £65m over three years while PBT has increased by nearly 100% year-on-year. There are rich pickings in the legal sector which will be exploited over the coming years, probably by non-lawyers. I for one am looking forward to repeating what I've done in another law firm, preferably bigger than Minster, where the returns are even greater.'

Sue Stapely, reputation management and legal communications counsel: 'As Matthew identifies above, there are several firms which are part of bigger groups with rather opaque capital structures and this will surely increase.'From my own work in this sector I know of several firms in well-advanced talks, but none which has quite brokered a deal, and the private equity outfits I know all seem to have reservations about the structure of law firms themselves – and the fact that rather too many non-managers tend to have a say in the management of the businesses. I know one intent in investing in a claims management outfit instead, having looked at several law firms.'

So out there in the market the private equity/firm investor relationship model is being quietly tested and modelled and considered, though in very careful and discreet ways.

I really want to hear your views on this issue, either commenting here on In Business, or over on our LinkedIn group. We're going to be writing more on this and related issues, such as possible firm structures and how to effect them, throughout 2010, so hearing your thoughts on this is vital.