In a compensation shake-up, Kirkland & Ellis has changed its framework for allocating equity partner profits, while cutting the shares of its top partners and others. Kirkland’s litigation partners were particularly hard hit, with some senior partners seeing their shares slashed significantly, according to three sources familiar with the firm’s move.
“There’s been a reallocation of equity from litigation to corporate and maybe bankruptcy,” said one former partner who has spoken with current Kirkland partners. “For the litigators, I heard it was a bloodbath.” This partner added: “The general sense is that this is the most recent manifestation of the corporate people taking over the firm.” (Another source also used the term “bloodbath” to describe the impact on the litigation ranks.)
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