Firm Profiles: Kirkland & Ellis

An introduction:

Perhaps best known as the most “cutthroat firm in London”, US titan Kirkland & Ellis needs little introduction. Kirkland & Ellis is the largest law firm in the world by revenue, the seventh-largest by the number of lawyers, and is the first law firm in the world to reach US$4 billion in revenue. With this cutthroat reputation comes an insane level of pay, for equally insane hours; UK publication, Legal Cheek, estimates that the average junior at Kirkland’s London office has clocked off at 11:30 pm over the past year! Including these long days, weekend work has been known to be a common occurrence at Kirkland & Ellis.

These comments may cause some to question why working at Kirkland is seen as such an attractive prospect. Equal to its cutthroat image, Kirkland has truly built a reputation as one of the leading corporate firms in the world, with several accolades given to the firm. For example, The American Lawyer ranked Kirkland & Ellis as the 2018 Law Firm of the Year. “Mergers & Acquisitions” ranked Kirkland & Ellis as the 2019 Law Firm of the Year for advising on 400 U.S. based-deals (more than twice that of the firm ranked second), and for advising on the largest number of global deals, in each case, in 2019. Given this reputation, the firm typically attracts those who are “self-starters”, looking for an environment where responsibility is gifted early. Along with this, Kirkland tends to appoint lawyers as non-equity partners once they reach 6 years post-qualification.

Facts about the firm:

• The largest firm in the world by revenue, Kirkland took in $4.83 billion (£3.5 billion) in its 2021 financial results. Perhaps the “eat what you kill” style truly leads to gargantuan revenues like this.
• Profit per equity partner is no less gaudy, standing at a casual $6.2 million (£4.5 million). Generational wealth is on offer for those with the incredible stamina to make it to the top at Kirkland & Ellis. Furthermore, the firm is known to be a “genuine meritocracy”, with high-performing associates gaining recognition quickly- though this may lead to even worse hours.
• This profit per equity partner is not burdened by the firm’s global network, which involves 17 offices in 6 countries.
• Kirkland offers a mere 10 training contracts per year, though this is broadly in line with its fellow US competitors in London. The firm generally receives over 500 direct training contract applications, on top of the hundreds it gets for vacation schemes.
• The firm has been keen to push gender equality to the forefront, with its shining women’s leadership programme.
• Much like other US firms, deal teams are incredibly lean, and training is of the “hands-on” variety. This is typically seen as preferable by the types that are attracted to Kirkland.

Key practice areas:

If you’re interested in a traineeship with Kirkland, please be aware that their London office does not provide the same breadth of work that UK based firms typically offer. Though for those interested in the sort of work Kirkland specialises in, this is no bad thing. M&A, Private Equity, Restructuring, and Litigation make up the bulk of the firm’s work. If this is of interest, please check out my guides on these practice areas.

Notable recent deals/cases:

• Kirkland & Ellis advised World Quantum Growth Acquisition Corp., a special purpose acquisition company (SPAC) in connection with its $200 million IPO.
• Kirkland & Ellis advised Fox Corporation on their joint venture with chef, restaurateur, and presenter Gordon Ramsay to jointly form STUDIO RAMSAY GLOBAL, a new production entity co-owned between the two that will develop, produce, and distribute culinary and lifestyle programming worldwide. As part of the deal, Fox Corporation will acquire 100% of Ramsay’s existing production business.
• Kirkland is advising Hudson Pacific Properties on Plans for New World-Class Film and TV Studios in the UK.
• Kirkland & Ellis advised Ares Management Corporation (“Ares”) on the investment, alongside Public Investment Fund (“PIF”), of £400 million in McLaren Group Limited in the form of Preference Shares and Equity Warrants.
• Kirkland & Ellis represented Acadia Healthcare Company, Inc. (NASDAQ: ACHC) on a definitive agreement for the sale of its UK operations to Waterland Private Equity for a purchase price of approximately £1.08 billion.

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