Howard Rosenberg Interviews Lucian Pera, Partner, Adams & Reese

In this episode of The Future Is Bright podcast, Howard Rosenberg, head of Talent Intelligence + Acquisitions at Baretz+Brunelle, and his co-host Chris Batz welcome Lucian Pera, partner at Adams & Reese, a multidisciplinary law firm known for its strength in business, litigation, and government relations across the southern United States. Lucian is one of the nation’s leading legal ethics attorneys and a go-to authority on how law firms navigate the evolving rules around private capital.

In a wide-ranging conversation, Lucian unpacks the complex and fast-developing landscape of private equity in law firms. He explains how legal ethics rules like ABA Rule 5.4 interact with emerging ownership models from management services organizations (MSOs) to alternative business structures (ABSs). Lucian offers a candid, practical, and sometimes humorous take on how law firms can think strategically about innovation, investment, and risk in a profession undergoing transformation.

Episode Highlights

• Demystifying MSO Structures
  Lucian breaks down how MSO law firm structures function and why they’ve become a quiet yet legal method for enabling private investment in law practices. He offers clarity on how MSOs avoid triggering non-lawyer ownership violations under ABA Rule 5.4.
• Is It Legal—and Ethical?
  Listeners will get a clear-eyed assessment of whether law firms can pursue private equity investment ethically. Lucian highlights the thin but growing body of authority and outlines what lawyers need to know to remain compliant with professional conduct rules.
• PE and Family Office Interest Is Surging
  Lucian discusses the dramatic uptick in interest from private equity and family offices looking to invest in legal services. He shares insights from his own client conversations—ranging from first-time inquiries to active deal term sheets.
• Why Ethics Risk Assessment Matters
  What are the real risks for law firms entering MSO or ABS arrangements? Lucian explains how savvy investors and law firm leaders should evaluate these structures, emphasizing transparency, control, and long-term strategy.
• The Future Is Already Here
  From Arizona’s groundbreaking repeal of fee-sharing rules to Puerto Rico’s unexpected regulatory move, Lucian outlines the slow but steady revolution happening in legal ownership models. The bottom line? Law firms must start thinking more like businesses without losing their professional identity.

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About the Podcast:
On The Future Is Bright, Howard Rosenberg and Chris Batz engage with thought-provoking C-suite executives and leaders from corporations, professional service firms, and the global legal industry. Each episode uncovers insights on leadership, innovation, and the evolving dynamics of the modern professional landscape.

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