Core Insights - The legal sector is capitalizing on the opportunity to help private equity firms attract retail investors, particularly through 401(k) plans, as large institutions retreat from these investments [1][2][3] Group 1: Market Opportunity - Nearly $13 trillion is available in 401(k) accounts and other defined-contribution retirement plans, presenting a significant opportunity for private equity firms and their legal advisors [3] - The number of semi-liquid private-market funds aimed at retail investors has doubled since 2020, reaching approximately 380 [7] Group 2: Legal Fees and Demand - Legal fees for structuring private-market funds for retail investors can reach up to $1.5 million, with ongoing legal work costing hundreds of thousands annually [4] - Law firms are experiencing unprecedented demand for fund specialists, with some legal professionals receiving numerous inquiries from private-market firms seeking to enter the 401(k) market [5][6] Group 3: Industry Trends - Major law firms like Simpson Thacher & Bartlett and Kirkland & Ellis are expanding their teams to meet the growing demand for retail fund services, with Simpson Thacher increasing its retail team from a few to 21 partners and 125 lawyers [10][11] - The push into the 401(k) market has been facilitated by regulatory changes, notably under the Trump administration, prompting firms like Apollo and Blackstone to launch new funds targeting retail investors [8][9]