Kirkland & Ellis Remains The Big Kahuna in Big Law

 It's the gush season for large law firms which escaped the down cycle in transactional demand. The term "record" as applied to gross revenue and profits per equity partner is all over their press releases.

But scapper Kirkland & Ellis remains the big kahuna in the US. It announced that that revenues are at $7.2 billion. In addition its Profits Per Equity Partner surged to $7.955 million. 

Meanwhile the firm taking on Kirkland & Ellis - Paul, Weiss - also had a record for revenue. But that was $2 billion. Its Profits Per Equity Partner was $6.5 million. More than a  million less and that could be the most important metric in Big Law which is focused on what partners take home. 

However, among the major stories of these times is how Paul, Weiss pulled off multiple poaches of Kirkland & Ellis' transactional talent in the London market. So, Kirkland & Ellis is being perceived as, well, vulnerable. 

Actually, the new joke is that Paul, Weiss is Kirkland & Ellis 2.0. At one time that might have been a knock put on it. Now it's a positive for the Paul, Weiss leadership. Professional anonymous networks such as Fishbowl and Reddit used to dump on Kirkland & Ellis. More recently the original postings and responses have softened or even become positive. 

For instance, there is the question posted that essentially probes into why in the highly political workplace of Big Law Kirkland & Ellis stands out as a meritocracy. The answers range from that it uses the free market system for assigning work to the layout of the huge Chicago office which deters sucking up to the brass. Both enforce attention to the work product itself. 

I would add that Kirkland & Ellis, a hustler from the get-go, has none of the decorum of a white-shoe background to shake off. A first-generation lawyer can make good. That kind of raw intelligence and drive might not feel comfortable in a setting that prides itself on its elite qualities such as myriad old-line large law firms. 

I have coached Kirkland & Ellis alumni. All balked about the extreme demands. However, no one knocked the quality of the service it rendered to clients. Their meme was "Kirkland & Ellis always wins."

So, right now, we wonder if Kirkland & Ellis will have ownership of the London market. That's what Paul, Weiss seems determined to create through investing heavily in star talent and real estate. 

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