Detail of Paul Weiss’s Second Raid on Kirkland & Ellis
Less than a month after luring away seven private equity finance lawyers, US law firm Paul Weiss has launched a second raid on Kirkland & Ellis, stealing at least three additional partners from its rival’s London office.
In an ongoing competition for the best solicitors among the top names in the sector, the law firm, which includes Wall Street powerhouse Apollo Global Management among its clients, is also hiring a London M&A partner from Linklaters.
Over the past ten years, a surge in private equity deals has benefited law firms greatly, and senior partners can now command salaries comparable to those of investment bankers.
Will Aitken-Davies, a Linklaters transaction expert who has worked with clients like Asda owner TDR Capital, and Roger Johnson, a former Kirkland attorney and consultant to private equity company EQT, among others, are the newest Paul Weiss appointments.
Timothy Lowe, Cian O’Connor, and Andreas Philipson, three more Kirkland attorneys who specialise in tax law, will join the company as partners. Moving is also being discussed for a different Kirkland tax attorney.
Kirkland stated, “We appreciate their contributions to the partnership and wish them the best at their new firm.” Paul Weiss opted not to respond. An inquiry for comment was not answered by Linklaters.
Paul Weiss will have a team advising private equity firms and their top executives on mergers and acquisitions, debt financing, capital markets, tax, and litigation in less than a month after increasing headcount in its London office by more than a third to more than 40 lawyers.
Along with US attorneys lead by Kirkland partner Eric Wedel, Sachdev represented Kirkland’s London branch.
Sachdev had worked for Kirkland for more than 20 years and was instrumental in launching the company’s European operations. Paul Weiss’s intentions to grow in the London legal market are indicated by the poaching raid on Kirkland, where partners made an industry-leading $7.5 million per partner last year.
Paul Weiss, in contrast to some of its US rivals like Kirkland and Latham & Watkins, has mainly lost out on a rising European market over the past ten or so years. Alvaro Membrillera, its London director, was recently replaced by Kirkland.
Particularly Kirkland gained market share by luring top dealmakers at high compensation from rival companies.
The buyout boom, which produced billions of dollars in fees for solicitors advising on acquisitions and the debt financing packages that back them, has come to an end, prompting Paul Weiss to make a significant investment in London.
Deal-making has grown more challenging as a result of higher interest rates, and investors are now pickier about the companies they invest in. Since law firms also receive fees for advising on corporate restructurings, refinancings, and bankruptcies, they are well-positioned to navigate downturns.
Deal-making has grown more challenging as a result of higher interest rates, and investors are now pickier about the companies they invest in. Since law firms also receive fees for advising on corporate restructurings, refinancings, and bankruptcies, they are well-positioned to navigate downturns.