Private equity is aggressively investing in personal injury firms, offering their lawyers a cut of the wealth generated by the deals.

At a first-of-its-kind, invite-only conference in Holland & Knight’s New York office last month, advisers made it clear that such arrangements are no longer theoretical. One of the firm’s private equity-backed clients has closed two deals this year, and a lawyer there expects to wrap up a dozen in 2026.

Personal injury lawyers who attended the conference came away with a keen sense of private equity’s encroachment on their turf, both the reward and the risk. The investment can …