Kirkland & Ellis has - as first tweeted by RollOnFriday - promoted a bumper nine associates to the rank of partner in the firm's London office.
The firm's office in the Gherkin is populated by a small staff of 80 lawyers, so this is a remarkable figure. And something of a display of confidence for a firm that was knocked for six during the downturn as private equity clients sat on their hands (and purses). However, the office is growing as it has just taken on its second wave of trainees (so will have its pick of six NQs this time next year) and has two new big-hitting partners about to join from Ashurst - and maybe others will follow.
However, insiders tell RollOnFriday that making partner at K&E isn't all it's cracked up to be. The Kirkland Nine are each 6 PQE (or the overseas equivalent), and the rumour is that this is just a natural career step - like making it to Senior Associate elsewhere. So perhaps there's not that much practical difference between associate and junior partner - maybe just the key to the stationery cupboard (and an alleged £30k payrise and the potential to grab a phat bonus).
RollOnFriday spoke to the firm, who said "people who were up were high quality and we're very excited that they're going to be partners at the firm". Yadda yadda, etc.
Tip Off ROF
The firm's office in the Gherkin is populated by a small staff of 80 lawyers, so this is a remarkable figure. And something of a display of confidence for a firm that was knocked for six during the downturn as private equity clients sat on their hands (and purses). However, the office is growing as it has just taken on its second wave of trainees (so will have its pick of six NQs this time next year) and has two new big-hitting partners about to join from Ashurst - and maybe others will follow.
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Scenes at this year's K&E partner retreat |
However, insiders tell RollOnFriday that making partner at K&E isn't all it's cracked up to be. The Kirkland Nine are each 6 PQE (or the overseas equivalent), and the rumour is that this is just a natural career step - like making it to Senior Associate elsewhere. So perhaps there's not that much practical difference between associate and junior partner - maybe just the key to the stationery cupboard (and an alleged £30k payrise and the potential to grab a phat bonus).
RollOnFriday spoke to the firm, who said "people who were up were high quality and we're very excited that they're going to be partners at the firm". Yadda yadda, etc.