300 deals, 28 years, but now top lawyer Jonathan Jones plans step into unknown

A titan of the UK legal scene opens up to Sheryl Moore about his next move

Hello Rainmakers,

After more than 300 deals under his belt, leading Rainmaker Jonathan Jones is leaving the firm where he has spent almost three decades.

While his next chapter as an investor is “a step into the unknown,” he tells Sheryl Moore how he’s aiming to capitalise on the consolidation wave sweeping a sector he knows inside out.

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In a few short weeks, Jonathan Jones will walk away from a 34-year legal career that culminated in European head of US law firm Squire Patton Boggs. He’s leaving behind billing targets and global management for what he calls, with disarming honesty, a move into uncharted territory.

“I can’t actually imagine what it’s going to feel like,” he says, after 28 years at the firm. “I don’t know whether I’ll feel sad, happy, or just a lifting of responsibility. It feels surreal.”

For many senior partners, such reflection signals a gradual glide into retirement. Jones, 58, has other ideas. Instead, he is choosing reinvention - targeting roles as an investor and non-executive director in private equity-backed professional services firms. It marks a shift from adviser to investor with skin in the game.

It is also a move that positions him at the heart of one of the busiest deal markets. The UK professional services sector is undergoing rapid consolidation, with a clear shift towards fewer, larger firms.

Data from the 2026 UK Legal Services Market Report shows the number of firms in England and Wales has fallen by more than 1,100 between 2020 and 2025, even as total revenues surpassed £55bn. Private equity is playing an increasing role, accounting for around 31% of legal sector M&A deals in 2025, up from roughly 20% in 2023.

In accountancy, consolidation is similarly advanced. The ICAEW 2025 Evolution of Mid-Tier Accountancy Firms study found that 25% of UK mid-tier accounting firms are now private equity-backed, reflecting a surge in acquisition-led growth strategies.

Across professional and business services more broadly, private equity is involved in as much as 70% to 75% of transactions in some segments, underlining its dominance as a consolidation driver.

Despite macroeconomic pressures and higher borrowing costs, deal values have remained resilient, pointing to a trend of fewer but larger transactions. Investors are increasingly focused on firms with strong recurring revenues, high margins and scalable operating models.

Structural pressures are accelerating this shift. Technology investment - particularly in AI and automation - requires significant capital, favouring larger firms. At the same time, succession challenges are intensifying, with many smaller firms facing retiring partners, further fuelling the pipeline of acquisition targets.

From niche legal boutiques to regional accounting firms and specialist consultancies, the sector remains highly fragmented. Consolidation is expected to continue - and for Jones, it represents a landscape he understands well and believes still has considerable room to run.

“It’s a very hot space,” he says. “There’s still a huge market of smaller and mid-sized firms out there, and for private equity, that combination of fragmentation, cost pressure and uneven tech adoption creates a clear investment opportunity.

“Increased regulation in the legal sector and the money you have to spend being compliant is significant,” he says. “It’s harder to do that as a smaller business.

“Also, as economies continue to trundle along, some firms have got themselves into financial difficulty and some firms have done well. That polarisation creates the opportunity to consolidate.

“Finally, I think AI will have an amazing effect on professional services,” he says. “Some are embracing it some are sticking their heads in the sand.”

But why now? Heading towards 60 was his time up as a partner at the firm?

“I am 58, however Squire Patton Boggs doesn’t have a compulsory retirement policy for partners. There are situations when there’s a tap on the shoulder and a polite cough indicating perhaps it’s time to go, but that didn’t happen to me. I didn’t get the tap on the shoulder,” laughs Jones.

“We’re in an interesting period of time,” he says. “I wanted to see if there was another chapter while I’m still young enough to enjoy it.”

After two three-year terms as European head, the role had become increasingly demanding. “It’s been a lot of travel, quite full-on,” he says. “I didn’t think I had it in me to do another three years.”