Kirkland Megathread Forum

[Anonymous User]

A quarterly review doesn't have to have the same formal structure as the annual, with the (relatively arbitrary) 1-5 scales and written comments in chart form. It can be a slightly less formal but still scheduled 1-on-2 with key SPs you've worked with and are in a position to give you feedback important to your performance.

And, to get to the cynical point, the firm can still find ways to fire people if it wants to, just needs to be more prepared and poised when it does. In the complain filed against K&E mentioned above, apparently they did a bad job explaining to the associate why she was being fired (hanging up on her in the Zoom meeting, having no ready answers to get questions, etc.).

[Anonymous User]

Incoming associate here a little nervous. Barring 1929 level economic catastrophe, you can't get fired before year 4 as long as you are hard working, conscientious, and don't, say, sexually harass someone, right? Right??

[Anonymous User]

Incoming associate here a little nervous. Barring 1929 level economic catastrophe, you can't get fired before year 4 as long as you are hard working, conscientious, and don't, say, sexually harass someone, right? Right??

I'd agree with you if you said "before year 2." I don't think you can extend that to other years. The real answer is "it depends." As in, "it depends on how things go economically over the next twenty-four months." Do not proceed on the assumption that you have a locked-in 36 month grace period that thinking could bite you.

[Anonymous User]

Did y'all hear about the IP associate in SF that got fired and sued based on sex discrimination? Any truth to that?

The complaint was ... interesting. Private jets and rumors of having to sleep with male SPs? Would like to know what really happened.

[Anonymous User]

Incoming associate here a little nervous. Barring 1929 level economic catastrophe, you can't get fired before year 4 as long as you are hard working, conscientious, and don't, say, sexually harass someone, right? Right??

I'd agree with you if you said "before year 2." I don't think you can extend that to other years. The real answer is "it depends." As in, "it depends on how things go economically over the next twenty-four months." Do not proceed on the assumption that you have a locked-in 36 month grace period that thinking could bite you.

Are any senior associates / NSPs in M&A/PE nervous right now? I am a NSP and honestly I don't see them getting rid of any of the NSPs in our office. Maybe I am naïve but that is just how it feels, I was told that before you get a 4 as a NSP, you would likely have gotten a talking to previously about your work product.

[Anonymous User]

New NSP looking at my net pay and doing math of setting aside 50% of this net amount for extra taxes. I'm making like 4th-5th year money. And already in NY so this bullshit is incremental to the high taxes i was already paying (i.e., not starting from no-tax Texas)

[Anonymous User]

New NSP looking at my net pay and doing math of setting aside 50% of this net amount for extra taxes. I'm making like 4th-5th year money. And already in NY so this bullshit is incremental to the high taxes i was already paying (i.e., not starting from no-tax Texas)

You end up making a little more money than you made last year on net, but it's definitely less than you'd make as a seventh year at a market-paying firm. Congrats on the title though!

-Former KE NSP

[Lawsohard99]

Incoming associate here a little nervous. Barring 1929 level economic catastrophe, you can't get fired before year 4 as long as you are hard working, conscientious, and don't, say, sexually harass someone, right? Right??

I'd agree with you if you said "before year 2." I don't think you can extend that to other years. The real answer is "it depends." As in, "it depends on how things go economically over the next twenty-four months." Do not proceed on the assumption that you have a locked-in 36 month grace period that thinking could bite you.

Are any senior associates / NSPs in M&A/PE nervous right now? I am a NSP and honestly I don't see them getting rid of any of the NSPs in our office. Maybe I am naïve but that is just how it feels, I was told that before you get a 4 as a NSP, you would likely have gotten a talking to previously about your work product.

There’s too much dry powder in the industry for a prolonged downturn where those people would be let go (and it would be extremely short sighted if they were because most SPs need those folks to run their deals and when retail gets into PE the industry is only going to continue to grow). If anything making shares in year 9 may be tougher but I don’t think job security is a concern given most of those folks tend to be busy, it’s just making the jump to shares could get tougher in the next 1-2 years due to macro conditions.

[Anonymous User]

Seeing a lot of chatter on fishbowl about overhiring in Rx and huge Weil-style deal teams instead of the smaller teams that K&E has historically done. Anyone have a sense if this is true or just fishbowl whining?

[Anonymous User]

Incoming associate here a little nervous. Barring 1929 level economic catastrophe, you can't get fired before year 4 as long as you are hard working, conscientious, and don't, say, sexually harass someone, right? Right??

I'd agree with you if you said "before year 2." I don't think you can extend that to other years. The real answer is "it depends." As in, "it depends on how things go economically over the next twenty-four months." Do not proceed on the assumption that you have a locked-in 36 month grace period that thinking could bite you.

Are any senior associates / NSPs in M&A/PE nervous right now? I am a NSP and honestly I don't see them getting rid of any of the NSPs in our office. Maybe I am naïve but that is just how it feels, I was told that before you get a 4 as a NSP, you would likely have gotten a talking to previously about your work product.

There’s too much dry powder in the industry for a prolonged downturn where those people would be let go (and it would be extremely short sighted if they were because most SPs need those folks to run their deals and when retail gets into PE the industry is only going to continue to grow). If anything making shares in year 9 may be tougher but I don’t think job security is a concern given most of those folks tend to be busy, it’s just making the jump to shares could get tougher in the next 1-2 years due to macro conditions.

lol wut. Are PE funds going to start doing reg A offerings now?

[Anonymous User]

It’s true that KE rx teams are huge now. The group is becoming increasingly poorly run and staffing is a mess. It’s no longer a place where you can get “more opportunity early on.” If you want substantive experience you should look to another rx group.

[Anonymous User]

Seeing a lot of chatter on fishbowl about overhiring in Rx and huge Weil-style deal teams instead of the smaller teams that K&E has historically done. Anyone have a sense if this is true or just fishbowl whining?

isn’t ke rx doing a ton of Bk right now?

what is a Weil deal team?

[Anonymous User]

Seeing a lot of chatter on fishbowl about overhiring in Rx and huge Weil-style deal teams instead of the smaller teams that K&E has historically done. Anyone have a sense if this is true or just fishbowl whining?

isn’t ke rx doing a ton of Bk right now?

what is a Weil deal team?

The rep I've always heard is that K&E deal teams are much smaller than Weil ones due to the nature of the debtors they rep (mega-Ch11s vs MM)

[Anonymous User]

Seeing a lot of chatter on fishbowl about overhiring in Rx and huge Weil-style deal teams instead of the smaller teams that K&E has historically done. Anyone have a sense if this is true or just fishbowl whining?

isn’t ke rx doing a ton of Bk right now?

what is a Weil deal team?

The rep I've always heard is that K&E deal teams are much smaller than Weil ones due to the nature of the debtors they rep (mega-Ch11s vs MM)

Sorry, is it Weil or K&E that reps mega chapter 11 debtors?

[Anonymous User]

Seeing a lot of chatter on fishbowl about overhiring in Rx and huge Weil-style deal teams instead of the smaller teams that K&E has historically done. Anyone have a sense if this is true or just fishbowl whining?

isn’t ke rx doing a ton of Bk right now?

what is a Weil deal team?

The rep I've always heard is that K&E deal teams are much smaller than Weil ones due to the nature of the debtors they rep (mega-Ch11s vs MM)

Sorry, is it Weil or K&E that reps mega chapter 11 debtors?

Weil (PG&E, Westinghouse, Lehman, etc.)

[Lawsohard99]

Incoming associate here a little nervous. Barring 1929 level economic catastrophe, you can't get fired before year 4 as long as you are hard working, conscientious, and don't, say, sexually harass someone, right? Right??

I'd agree with you if you said "before year 2." I don't think you can extend that to other years. The real answer is "it depends." As in, "it depends on how things go economically over the next twenty-four months." Do not proceed on the assumption that you have a locked-in 36 month grace period that thinking could bite you.

Are any senior associates / NSPs in M&A/PE nervous right now? I am a NSP and honestly I don't see them getting rid of any of the NSPs in our office. Maybe I am naïve but that is just how it feels, I was told that before you get a 4 as a NSP, you would likely have gotten a talking to previously about your work product.

There’s too much dry powder in the industry for a prolonged downturn where those people would be let go (and it would be extremely short sighted if they were because most SPs need those folks to run their deals and when retail gets into PE the industry is only going to continue to grow). If anything making shares in year 9 may be tougher but I don’t think job security is a concern given most of those folks tend to be busy, it’s just making the jump to shares could get tougher in the next 1-2 years due to macro conditions.

lol wut. Are PE funds going to start doing reg A offerings now?

The point would be regulatory change because right now PE is the space where the rich get richer because retail has no access. Read any industry analysis and alternatives are expected to grow significantly in the next 5-10 years, probably accelerated by the increased burden of being a public company, and it’s pretty easy to see retail clamoring for a change in rules to get on the bus in a way that’s more politically viable than an increase in taxes to have a similar wealth redistribution effect. If the SEC makes it too hard on managers to accept retail into PE, they’ll just as happily keep making money for the rich to get richer. But it’s easy to see the JOBS act as the beginning of a trend where people don’t give a shit about SEC handholding and just want access to better returns in the private markets.

[OutoftheWoods]

The writeups of the Kirkland complaint are pretty generous. Based on the style of prose (confusing and meandering), I might have to side with Kirkland about plaintiff's performance. There are also several things that just come off as complaining that weaken her greater points (i.e., complaining about work assigned on her birthday weekend - come on!)

[Anonymous User]

Incoming associate here a little nervous. Barring 1929 level economic catastrophe, you can't get fired before year 4 as long as you are hard working, conscientious, and don't, say, sexually harass someone, right? Right??

I'd agree with you if you said "before year 2." I don't think you can extend that to other years. The real answer is "it depends." As in, "it depends on how things go economically over the next twenty-four months." Do not proceed on the assumption that you have a locked-in 36 month grace period that thinking could bite you.

Are any senior associates / NSPs in M&A/PE nervous right now? I am a NSP and honestly I don't see them getting rid of any of the NSPs in our office. Maybe I am naïve but that is just how it feels, I was told that before you get a 4 as a NSP, you would likely have gotten a talking to previously about your work product.

There’s too much dry powder in the industry for a prolonged downturn where those people would be let go (and it would be extremely short sighted if they were because most SPs need those folks to run their deals and when retail gets into PE the industry is only going to continue to grow). If anything making shares in year 9 may be tougher but I don’t think job security is a concern given most of those folks tend to be busy, it’s just making the jump to shares could get tougher in the next 1-2 years due to macro conditions.

lol wut. Are PE funds going to start doing reg A offerings now?

The point would be regulatory change because right now PE is the space where the rich get richer because retail has no access. Read any industry analysis and alternatives are expected to grow significantly in the next 5-10 years, probably accelerated by the increased burden of being a public company, and it’s pretty easy to see retail clamoring for a change in rules to get on the bus in a way that’s more politically viable than an increase in taxes to have a similar wealth redistribution effect. If the SEC makes it too hard on managers to accept retail into PE, they’ll just as happily keep making money for the rich to get richer. But it’s easy to see the JOBS act as the beginning of a trend where people don’t give a shit about SEC handholding and just want access to better returns in the private markets.

I get what you are saying. But weren't the reg a offering rule changes from a year ago a step in that direction? Now any weirdo can go onto some site like Republic and invest in anything, regardless of being accredited or even sophisticated.

PE funds come from institutions. Seems like a lot of hassle to try and open it up to retail and take a ton of baby offerings, but I could be wrong.

Also, ppl do have access to PE on the public markets, as the GP-type entities are publicly traded.

[Anonymous User]

Lots of anxiety around the market I know, but has there been any word on 3L law clerks joining the firm this year? Would love to have a chance to work some while in school.

Any info on this? Particularly curious about CHI and NY...

[Anonymous User]

Lots of anxiety around the market I know, but has there been any word on 3L law clerks joining the firm this year? Would love to have a chance to work some while in school.

Any info on this? Particularly curious about CHI and NY...

No hiring 3L part-time clerks this year. Decision was made by the Firm Committee and applies to all offices.

[Anonymous User]

Lots of anxiety around the market I know, but has there been any word on 3L law clerks joining the firm this year? Would love to have a chance to work some while in school.

Any info on this? Particularly curious about CHI and NY...

No hiring 3L part-time clerks this year. Decision was made by the Firm Committee and applies to all offices.

Thank you!

[Anonymous User]

Is the 10K bar stipend from Kirkland taxed? also, do they provide any other stipends prior to your start date? I'm not doing PILI.

Also when do we get the start date? Historically has it been early September or late September?

[Anonymous User]

I don’t remember when I got my start date but yes, the stipend is taxed.

[Anonymous User]

Is ECM generally slow right now…?

[Anonymous User]

This was a nice little write-up of the apparent disaster that is the culture of our Asia practice:

https://www.ft.com/content/09f18382-120 ... 0544a58f8e