Key Takeaways
- • Charlesbank Capital Partners has invested in WSHB Support Services, a newly formed management services organization (MSO) that will provide non-legal operating infrastructure for Wood Smith Henning & Berman (WSHB), a national trial firm defending insurers and corporations.
- • Daniel Berman, WSHB's executive chairman, will serve as CEO of the MSO; WSHB remains independent and led by its management committee of Berman, Stewart Reid, Stephen Henning and Kevin Smith.
- • The deal uses the MSO structure to bring outside capital into law firm operations while lawyers retain ownership of the practice and control of legal work, a model long used in dentistry, veterinary care and physician practices.
- • WSHB has more than 550 attorneys across 43 offices in 23 states and says its lawyers have taken more than 2,000 cases to verdict.
- • Charlesbank, which manages $24 billion across private equity and credit and has raised $16.1 billion in PE funds, targets enterprise values of $150 million to $3 billion; the investment amount was not disclosed.
Summary
Charlesbank Capital Partners has made an investment in WSHB Support Services, a newly formed management services organization that will provide the non-legal operating infrastructure for Wood Smith Henning & Berman, a Los Angeles-headquartered national trial firm that defends insurers, self-insured corporations and institutional clients ranging from start-ups to Fortune 100 companies. According to the source article, the firm's practice groups include construction, transportation, employment, professional liability, and cybersecurity and data privacy. The firm uses technology, artificial intelligence and data analysis to manage large litigation caseloads and offers alternative fee arrangements alongside hourly billing. The size of Charlesbank's investment was not disclosed.
WSHB was founded in 1997 by Daniel Berman, Stephen Henning and Kevin Smith and has more than 550 attorneys across 43 offices in 23 states. The firm is led by Firmwide Managing Partner Stewart Reid. WSHB remains independent, and its management committee, comprising Berman, Reid, Henning and Smith, also serves on the MSO's board. Berman, WSHB's executive chairman, will serve as the MSO's chief executive officer. He was named Innovator of the Year in the individual law firm category at the 2026 Legalweek Leaders in Tech Law Awards.
The article frames the deal against an industry that has remained largely closed to outside equity. Citing Research and Markets, it reports that US law firms generated an estimated $404 billion in revenue in 2025, with compound annual growth of 1.4% over the preceding five years. Professional conduct rules in nearly every state prohibit nonlawyers from owning law firms or sharing in their legal fees. The MSO model addresses this constraint: investors own a separate company providing technology, finance, human resources, marketing and other services under a long-term agreement, while lawyers retain ownership of the practice and control over legal work. Private equity firms have used similar structures for years in dentistry, veterinary care and physician practices.
Mutian Rui, a principal at Charlesbank, said WSHB "has established an enviable reputation with its clients and is fast expanding into new markets and practice areas." David Katz, managing director and co-head of private equity at Charlesbank, said the firm sits "at the intersection of professional services and insurance services," sectors where Charlesbank already holds investments including accounting and advisory firm Aprio (2024) and insurance brokerage World Insurance Associates (2020). Katz cited the firm's experience as the first institutional capital partner to founder-led businesses.
Charlesbank typically makes control investments, and will consider significant minority positions, in companies with enterprise values of $150 million to $3 billion across business and consumer services, healthcare, industrials and technology. It has raised $16.1 billion across its private equity funds and manages $24 billion across private equity and credit strategies. Brandon White and David Katz lead the private equity practice, and Sandor Hau leads credit. Charlesbank spun out of Harvard in 1998 from Harvard Private Capital Group and is headquartered in Boston with a New York office. Piper Sandler advised Charlesbank and Riverbrook Capital advised WSHB on the transaction.
WSHB was founded in 1997 by Daniel Berman, Stephen Henning and Kevin Smith and has more than 550 attorneys across 43 offices in 23 states. The firm is led by Firmwide Managing Partner Stewart Reid. WSHB remains independent, and its management committee, comprising Berman, Reid, Henning and Smith, also serves on the MSO's board. Berman, WSHB's executive chairman, will serve as the MSO's chief executive officer. He was named Innovator of the Year in the individual law firm category at the 2026 Legalweek Leaders in Tech Law Awards.
The article frames the deal against an industry that has remained largely closed to outside equity. Citing Research and Markets, it reports that US law firms generated an estimated $404 billion in revenue in 2025, with compound annual growth of 1.4% over the preceding five years. Professional conduct rules in nearly every state prohibit nonlawyers from owning law firms or sharing in their legal fees. The MSO model addresses this constraint: investors own a separate company providing technology, finance, human resources, marketing and other services under a long-term agreement, while lawyers retain ownership of the practice and control over legal work. Private equity firms have used similar structures for years in dentistry, veterinary care and physician practices.
Mutian Rui, a principal at Charlesbank, said WSHB "has established an enviable reputation with its clients and is fast expanding into new markets and practice areas." David Katz, managing director and co-head of private equity at Charlesbank, said the firm sits "at the intersection of professional services and insurance services," sectors where Charlesbank already holds investments including accounting and advisory firm Aprio (2024) and insurance brokerage World Insurance Associates (2020). Katz cited the firm's experience as the first institutional capital partner to founder-led businesses.
Charlesbank typically makes control investments, and will consider significant minority positions, in companies with enterprise values of $150 million to $3 billion across business and consumer services, healthcare, industrials and technology. It has raised $16.1 billion across its private equity funds and manages $24 billion across private equity and credit strategies. Brandon White and David Katz lead the private equity practice, and Sandor Hau leads credit. Charlesbank spun out of Harvard in 1998 from Harvard Private Capital Group and is headquartered in Boston with a New York office. Piper Sandler advised Charlesbank and Riverbrook Capital advised WSHB on the transaction.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.