Kirkland & Ellis is edging some senior associates and income partners toward the door as part of its “regular annual evaluation process.”
The Chicago-based firm has asked the lawyers to look for other work as the economy slows work in some areas. According to rumors, the firm has asked up to 25 non-equity or “non-share partners” to leave.
The law firm has long had a large 250-to-300-lawyer group of income partners, also known at the firm as non-share partners, because it tends to promote lawyers to this level earlier in their careers than some other firms, typically moving them up the chain from associate level after they’ve been at the firm a little more than six years. These lawyers are well-paid, making between $275,000 and $400,000, and unlikely to leave on their own.
The economic meltdown has slowed work in a variety of practices, including the real estate, corporate, securitization and transactional areas. Some practice groups, such as restructuring and bankruptcy, have seen a rise in demand.
Via The NLJ.