Apparently, one law firm isn't satisfied with legal fees from hedge funds. U.K. law firm Clifford Chance is taking, well, a chance, by launching an in-house fund of funds. The idea, The Lawyer magazine reports, is that the law firm's partners will be permitted to co-invest alongside its private equity clients in what the magazine calls "a 10-year illiquid investment." There may be some bugs in the offer, not the least of which is the fact that the clients may not want the partners to be partners in an investment. Another is that, as institutions are prime p.e. participants, an investment often offers prospects of some reciprocal business, which may not necessarily be likely with a law firm involved. Finally, another law firm, SJ Berwin, has tried it, according to The Lawyer, but so far after four years it hasn't been a raging success. As one unnamed told the magazine, "The minute I hear lawyers have discovered a wonderful new investment is the time to sell." Ouch.