Increasingly the answer is yes. The growing regulatory and compliance burdens being placed upon private equity fund managers have driven the need to hire a dedicated legal professional(s) at large (and larger mid market) PE firms. The smaller firms will continue to rely upon the K&Es of the world for the time being. read more
Larger private equity firms do have in-house legal staff. I don't know about VC firms. See some of the job listings here, for example: Private Equity Attorney Jobs, Employment I suspect that VC firms are smaller on average than private equity firms, and so have most of their legal work done by outside counsel. Though I may be incorrect on that point. read more
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