Cash-rich private equity funds are sizing up professional services firms such as lawyers and accountants ahead of a wave of possible deals, according to Deloitte, the consultancy.

Private equity funds are under increasing pressure to put the funds they raised prior to the credit crunch to work and Fenton Burgin, a partner in Deloitte’s debt advisory service, believed that buy-outs or partial acquisitions of professional services outfits were on the agenda.