Herbert Smith Freehills teaches PE lingo to staff in race for $2.3tn in dry powder

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Deal advisers at law firms have set their sights on winning lucrative private equity clients as transactions involving buyout houses soar.The sector’s global “dry powder” — or as yet unallocated capital — reached a record $2.3tn in June, triple the amount at the beginning of the global financial crisis.

But short of buying a Patagonia gilet and hanging around Mayfair’s Berkeley Square touting for business, how can deal advisers get a larger slice of the private-equity pie?City...

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