Porzio, Bromberg & Newman offices in Morristown, NJ. Courtesy photo Porzio Bromberg Breaks Ground in Selling Subsidiary to Private Equity Firm
Health care-focused RLDatix's purchase of Porzio Life Sciences for an undisclosed amount makes it the first private equity buyer of a U.S. law firm subsidiary.
October 17, 2022 at 09:49 AM
5 minute read
In a first-of-its-kind sale of a U.S. law firm legal tech subsidiary to a private equity fund, New Jersey-based Porzio, Bromberg & Newman is offloading its compliance technology-focused Porzio Life Sciences unit to RLDatix for an undisclosed amount.
The firm launched the business that would become PLS 18 years ago, building a database to help clients track federal and state regulations governing the pharmaceutical industry. But with a fresh push into global compliance work, the company needed even more financial backing to fight for market share with large consulting firms, according to Vito A. Gagliardi Jr., who chairs the 90-lawyer firm.
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