A $2.4 billion wealth management firm specializing in advising doctors and other healthcare professionals is acquiring a legal firm that focuses on medical and dental law.
Earned’s acquisition of Dental & Medical Counsel means Earned can offer its 17,500 clients access to legal services, including practice transitions, contract reviews and partnerships. (DMC provides legal advice to approximately 4,000 doctors and dentists.)
According to Earned CEO John Clendening, the move will enable his firm’s clients to access essential information on employment law and estate planning with a doctor-centric focus, as well as address whatever financial questions they have.
“This is a natural next step as we continue to execute on our rapid growth strategy, bringing best-in-class firms into our comprehensive ecosystem,” he said.
Dental & Medical Counsel is based in Walnut Creek, Calif.; in addition to practice transitions and employment law, it specializes in real estate purchases, trademarks, and incorporations, and can provide litigation services for doctors and dentists in business disputes. The firm’s 15 employees will join Earned’s team of 215, and bolster its West Coast presence.
Earned Wealth was founded in 2021, creating an advisory platform that specializes in assisting medical professionals. The firm raised approximately $18 million in a 2023 funding round, achieving a valuation of nearly $40 million.
In 2024, the company raised $200 million in funding from Summit Partners and Silversmith Capital Partners (as well as existing investors Juxtapose, Hudson Structured Capital Management and Breyer Capital). The firm didn’t disclose its valuation during this funding round.
According to Clendenleng, doctors can use Earned’s platform to directly consult with wealth managers on issues from paying off medical school loans to avoiding malpractice insurance headaches.
After the 2024 funding round, Earned expressed its interest in acquiring smaller companies that focus on healthcare providers. This year alone, the firm acquired PearsonRavitz, a physician disability and life insurance firm, expanded into New England by acquiring the healthcare-focused tax firm Schwartz & Schwartz, and in April, acquired Chahal & Associates, a $100 million AUM tax and accounting-focused firm.
