Kirkland & Ellis has doubled the notice period for equity partners worldwide to 120 days, with its most recent exits in London narrowly missing the change in conditions.
The firm’s notice period used to be 60 days for equity partners but this has now increased to 120.
Meanwhile Kirkland has also introduced a 30-day notice period for its salaried partners, who were not previously held to a notice period and instead went on gardening leave.
To make changes to the partnership deed, Kirkland’s global management executive committee was required to give 10 days’ notice. However, the six-partner team that is leaving for Sidley Austin managed to resign on the ninth day of the notice period, narrowly missing the extended terms.
Kirkland’s London office also recently lost high-yield partner Andy Hagan to Freshfields Bruckhaus Deringer, less than a year after Kirkland partner Ward McKimm made the same move.
Other losses over the past year include a funds trio to Fried Frank Harris Shriver & Jacobson. However, the firm has also hired from a number of magic circle firms, including Michael Steele from Freshfields, and Matthew Elliott and Paula Riedel from Linklaters.
