Why don't more LMM PE firms have counsel on-staff? You can get really solid entrepreneurial counsel for ~$200k/$300k + equity/carry and it doesn't take much for them to pay for their own seat, especially if they are helping portfolio companies with legal issues and you charge the portco for it?
Am I missing something?
It's pretty straightforward to teach a lawyer modelling and have them run a chunk of the DD process too.
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