Guest article: Mary Cloonan, Marketing Clever
Private equity is becoming a common feature in the professional services sector. It is impacting accountancy, legal and advisory firms across the UK, Ireland and the US. These reflections are based on my experience advising and observing multiple firms at various stages of this process, from initial discussions to subsequent transactions.
For founding or ownership partners, private equity offers a clear route to reduce personal financial exposure while gaining access to capital. This capital is often used to fund acquisitions, invest in technology or build out leadership capacity. For some firms, it allows long-held ambitions to become actionable.
Staff can experience real opportunities too. In well-structured models, equity is no longer limited to the original ownership group. It may be extended to a broader group of partners and, increasingly, to directors or senior team leaders. While not everyone is included, and this must be handled with care, these offers can foster alignment and allow key individuals to share in the future success of the firm without incurring the financial risk of traditional buy-ins.
Clients remain the core focus for every well-managed firm. In every firm I have observed, their main concern is clear. Will my trusted adviser still be my main point of contact, and will they continue to prioritise me? There is a risk that long-standing relationships may suffer if the team becomes too focused on new revenue targets. The best firms actively manage this. As Allan Koltin notes, transparency, consistency and communication are essential to maintaining trust through change.
The cultural shift is real. Titles may no longer match ownership. Decision-making can feel more centralised. Commercial performance becomes a daily topic. For many firms, this provides welcome discipline. For others, it can cause unease if not balanced with clarity and purpose.
Communication is often the most overlooked aspect of the transition. From the initial announcement to clients, to the broader market message and, most importantly, to staff at all levels, it must be thoughtful and consistent. You cannot over-communicate this type of change. When firms under-communicate, a gap is created that is often filled, unhelpfully, by speculation and, frequently, staff departures.
Attracting senior talent into a private equity-backed structure is more complicated than under an independent model. In my experience, building your employer brand before a transaction and consistently reinforcing it afterwards is crucial. This isn’t just about branding; it must be genuine. Our industry is close-knit, and word spreads quickly. How a firm manages its transition and treats its staff during this process becomes widely understood.
Capital doesn’t shape the firm, leadership does
Private equity is seldom permanent. Most arrangements are set over a period of three to five years. This is not necessarily a disadvantage, but it does call for internal reflection. Where are we in the process? What are we creating? And what follows this phase?
Whether a firm chooses to remain independent or take on external investment, the challenges surrounding growth, leadership, and trust are remarkably consistent. Private equity may not be suitable for every firm or every stage of a firm’s development. However, for those considering it or already engaged, it brings significant changes in how a firm operates, develops, and interacts with its people and clients.
This piece is not about advocating for or against it. Instead, it focuses on understanding what alterations occur when ownership, ambition, and timelines are redefined, and why those changes must be approached with care, clarity, and a strong internal compass.
Mary Cloonan is a fractional CMO and founder of Marketing Clever, working exclusively with professional services firms across Ireland, the UK and the US. She helps managing partners grow revenue and visibility without adding complexity. A trusted adviser at leadership level, she brings strategic clarity and commercial focus to firms navigating growth and change.