Buy side

When I started with that...

the community of hedge funds, BuySide we call them, they were 90% Cisco firewalls.

By 2020, they were about 90% Palo Alto firewalls.

So then they went after other segments.

I want to come back to that because that's a big thing that partners are needing to wrap their mind around when it comes to EBITDA and profitability and their distributions.

But I want to, because you've interacted with so many target law firms on behalf of BuySide, what are those targets looking for in a PE partner? Because are they coming with a plan for growth and the PE partner brings capital, but is it usually capital plus? And what type of relationship and values, what are they getting when they consider bringing in a capital partner like this?

Chris, I know you see this as Columbus Street advises around this.

Some law firm owners and founders are simply looking at headline price.

No, exactly.

That's exactly what we're seeing with BuySide, where...

The ability now to take the unstructured chats, turn it into structure and extract out the data and analytics attached to it, especially around counterparty analytics.

All the type of stuff you could do in other markets for quite a while that have been more electronic is now available.