I always wondered if the hybrid model was an experiment at ways around regulatory barriers to lawyers sharing fees/profits, a la a global multinational leasing the very expensive brand, logo, and internal software from tax-haven incorporated HQ... It's not sending away profits, it's just licensing some incredibly valuable IP, honest!

If the legal services arm was able to license the name and technology in a permitted way (like how a law firm can of course get their website and IT done by experts), it would seem to present an experiment at whether such a structure could act as a conduit to channel fees back into an investment vehicle.