Business and Professional Services

As professional and business services firms expand in complexity and global presence, Simpson Thacher partners with them to navigate their most transformational events.

Our lawyers work closely with professional services partnerships and other business services on strategic transactions, including carve-outs, reorganizations and IPOs. We have a strong understanding of the trends shaping industries such as advertising, legal, employment services, IT and software services, management consulting and outsourcing.

We have particular experience representing accounting firms establishing alternative practice structures and representing private equity sponsors investing in such alternative practice structures. Our lawyers regularly negotiate all aspects of a deal, including governance arrangements, management equity plans, employment agreements, administrative services agreements and the overall design and execution and have experience working on transactions in a multitude of jurisdictions, including the United Kingdom, Europe and the Middle East.

Advised on 8 of 12 deals involving PE investment in the 2025 Accounting Today’s Top 25 Accounting Firms List

Our experience has included:

Baker Tilly in connection with its entry into a definitive agreement to combine with Moss Adams LLP, the largest acquisition by a PE-backed accounting firm of another accounting firm
New Mountain Capital and Citrin Cooperman Advisors in the sale of Citrin Cooperman Advisors to a Blackstone-led group, the first ever sale of a PE-backed accounting firm to another private equity sponsor
Apax in connection with a strategic growth investment in the non-attest business of CohnReznick LLP

Hellman & Friedman in its strategic investment, alongside Valeas Capital Partners, in Baker Tilly US
New Mountain Capital in its investment in the non-attest business of Grant Thornton
Centerbridge Partners in its strategic growth investment, alongside Bessemer Venture Partners, in the non-attest business of Carr, Riggs & Ingram
Grant Thornton Advisors in the establishment of its multinational platform through the acquisitions of Grant Thornton Ireland, Grant Thornton UAE and Grant Thornton (Cayman) and the pending acquisitions of Grant Thornton Luxembourg and Grant Thornton Netherlands
Charlesbank Capital Partners in its strategic investment in Aprio, a leading business advisory and accounting firm
Citrin Cooperman in its acquisition of the non-attest business of New York accounting, tax and consulting firm, Berdon LLP
New Mountain Capital in its investment in the non-attest business of Citrin Cooperman

Sedgwick in its acquisition of the legal spend management (LSM) division of Bottomline Technologies
Alight in its pending sale of its Payroll and Professional Services business to an affiliate of H.I.G. Capital
Applied-Cleveland Holdings, a First Reserve portfolio company, in its acquisition of the Inspection Business of STS Consulting Services

CBRE in its planned combination of its Project Management business with Turner & Townsend
Cerberus Capital Management in its acquisition of Kellermeyer Bergensons Services
Evercore on its corporate reorganization, IPO and concurrent acquisition of Protego Asesores
KKR in its acquisitions of Ensono, a leading hybrid IT services provider, and the Engineering Solutions business of S&P Global
MDC Partners in a $100 million investment by The Stagwell Group through the sale by MDC of common shares and non-voting convertible preference shares

Accenture in its separation from Arthur Andersen and advised on its global reorganization and IPO and subsequent migration to Ireland
BC Partners in the sale of its interest in Teneo to CVC Capital Partners
CHA Consulting and First Reserve in the acquisition of CHA by H.I.G. Capital from First Reserve

Hellman & Friedman, in its recapitalization and significant investment in AlixPartners pursuant to which, funds affiliated with Hellman & Friedman acquired a majority ownership of AlixPartners

Allen & Overy in its merger with Shearman & Sterling
Blackstone in the spin-off of its financial advisory and Park Hill fund placement businesses (which were combined with PJT Partners as part of the transaction)
Carlyle in its global reorganization and sale of a minority equity stake to an affiliate of Mubadala Development Company, its IPO and recent corporate conversion

Corsair Capital in the acquisition of a controlling stake in Jackson Hewitt Tax Service
KKR in its business combination with KKR Private Equity Investors, KKR’s publicly traded affiliate listed on Euronext Amsterdam, and subsequent listing on the NYSE, its corporate conversion and its series of reorganization transactions

Business and Professional Services

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