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K&L Gates, the $750m firm newly formed from a merger between Kirkpatrick & Lockhart Nicholson Graham and Preston Gates & Ellis, has announced its very first partner promotions, giving two new partners to the London office.
The 120-lawyer London office garnered two new real estate partners with the promotions of associates Christian Major and Elizabeth Shell. Both are legacy lawyers from UK firm Nicholson Graham & Jones, with which Kirkpatrick merged in 2004.
The firm operates a merit-based system of partner remuneration. Before the Kirkpatrick merger with Preston Gates & Ellis, profits per equity partner at Kirkpatrick stood at £414,000, while at Preston Gates it was considerably lower, at £185,000.
But speaking of the Preston Gates arrival, K&L Gates chairman Peter Kalis told The Lawyer (18 December), that “there will be no dilutive effect of them joining," and that “what we report as an average doesn't affect what an individual partner in London, Boston or New York is actually going to get paid".
The Pittsburgh headquarters of the firm got the most promotions globally, with six new partners. The New York and Washington DC offices also did well, with three new partners each.
By practice area, M&A and investment management scored strongly, with three new partners in each department firmwide.
The promotions follow K&L Gates’ move into Berlin last week (see www.thelawyer.com, 9 January). That office got no new partners.