Ares Management L.P. joined several private equity rivals in tapping the public markets last week by raising $216 million through an initial public offering.

While the return was somewhat of a disappointment for the Los Angeles–based buyout shop, lawyers from Proskauer Rose, Simpson Thacher & Bartlett, Latham & Watkins and Patton Boggs divvied up an estimated $9.5 million in legal fees and expenses, according to an SEC filing for the Ares listing.

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