In a climate of continued growth, Kirkland & Ellis has announced its largest-ever partner class. Not only does the firm offer a distinct combination of prestige, profitability, and pay, but it has made a notable impact in the market regarding its partner count.
The Chicago-based firm has just announced its most recent partner class, which stands 6% larger than last year’s. The number has been steadily increasing year-on-year – with 205 welcomed this year, up from 2022’s then-record class of 193, then 151 in 2021, 145 in 2020, 141 in 2019 and 122 in 2018. Clearly, the trend suggests that size matters at Kirkland.
In the midst of economic turmoil for other firms, The American Lawyer indicates that Kirkland & Ellis had a successful 2021. The firm grossed about $6.5 billion and saw an increase in profits per partner to approximately $7.5 million. Alongside the financial gain, there was also an expansion in its partner and overall lawyer headcount. This progress was fueled by significant litigation work, a jump in restructuring in the second half of the year, and a steady middle-market performance.
Despite these remarkable figures, an immediate question arises: How many of these new partners will earn their position among the firm’s equity ranks? By 2021, Kirkland sported 490 equity partners and 763 non-equity partners. It’s noteworthy that the firm has eased the process for nonequity partners to become equity partners, reducing the duration from four to three years. However, gaining equity is still a significant challenge at Kirkland.
On the topic of diversity, Kirkland has yet again decided not to display any photos of its newly inducted partnership class. This has raised questions, as historically the firm’s new partners appear to be predominantly male and caucasian. The attention towards diversity and inclusion in the workplace is becoming increasingly important, not just to a firm’s existing attorneys and potential recruits but also to their clients.