Commentary: Pressure is on for Kirkland as McKeeve heads for the exit
For many in the private equity community it was only a matter of time, but last week's announcement that one of its most-trumpeted signings, Raymond McKeeve, had resigned leaves Kirkland & Ellis facing awkward questions about its UK strategy. Rumours, which partners had conceded internally were not baseless, had been circulating for months that all was not well with the firm's private equity team. Even ignoring claims that McKeeve's informal style was not playing well within a conservative partnership and judging the team purely on performance, the situation did not look good, with many questioning whether McKeeve and his ex-Linklaters colleague Graham White had delivered
March 12, 2008 at 11:13 PM
4 minute read
For many in the private equity community it was only a matter of time, but last week's announcement that one of its most-trumpeted signings, Raymond McKeeve, had resigned leaves Kirkland & Ellis facing awkward questions about its UK strategy.
Rumours, which partners had conceded internally were not baseless, had been circulating for months that all was not well with the firm's private equity team. Even ignoring claims that McKeeve's informal style was not playing well within a conservative partnership and judging the team purely on performance, the situation did not look good, with many questioning whether McKeeve and his ex-Linklaters colleague Graham White had delivered.
To be honest, delivery in this case was never going to be easy because expectations were justifiably sky high. With White and McKeeve reputedly recruited on respective annual packages in the region of $4.5m (£2.2m) and $1.5m (£742,000) it was, by some readings, the most expensive recruitment ever made in the City legal market. Kirkland refutes claims the duo received three-year guarantees, saying the firm's meritocratic pay system meant their equity allocation was reviewed annually.
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