Kirkland Megathread Forum

[Anonymous User]

what is the reimbursement policy for food/dinner at k&e? can you do it from home? is the policy strictly enforced if you can only order after a certain time?

and any details or news about anything involving the new chicago office?

bump

I think it’s like $60, not from home, no set time cutoff but rather after you’ve worked (I think) 9+ hours that day. I never really use it since I almost always work from home though, maybe someone who regularly gets late night dinner can comment on the nuances. Note that travel/recruiting/mentorship meals are different - $40 breakfast/$50 lunch/$125 dinner.

The only thing I know about the new Chicago office is that it’s supposed to be very nice, and considering the firm’s track record with other recent offices I’m sure they’re sparing little expense.

Here's the relevant info on the Chicago office: It's going to have glass-walled offices. Everyone is in an uproar about it but the "Powers That Be" are refusing to listen, at least for now.

Wait, you mean outer walls? Obviously not the walls between offices? So people in hallway can see you, but not your office neighbor right? If so, I think that's how most the new offices are.

This is really going to complicate my afternoon bate sessions, but I'll make do.

[Anonymous User]

Maybe a long shot but does anyone know the timing of when you would find out you've made shares out of NSP? Does the conversation typically happen as part of your NSP "review" (60 second phone call), which they usually do just a few days before Christmas? Or at a different time? I know last year when Ballis made the announcement about shortening of the track in early-December supposedly people found out about shares that same day but not sure if that was an aberration from normal practice because they were rolling out the policy change. Any info appreciated.

The call goes out around the time of the holiday party

Well what are we all going to do tomorrow when we find out we're becoming millionaires? Jesus I didn't realize I had so little time. The Lambo dealer opens at 10 I think so I can probably squeeze in a preorder before the call comes in at least.

[Baron7]

In light of the discussion of making shares, are the claims made in the below thread accurate? Is Kirkland really making 60 internal equity partner promotions a year? (In a good year, at least)

viewtopic.php?f=23&t=311474#p10503235

[Anonymous User]

In light of the discussion of making shares, are the claims made in the below thread accurate? Is Kirkland really making 60 internal equity partner promotions a year? (In a good year, at least)

viewtopic.php?f=23&t=311474#p10503235

No, that was basically a double year due to the change in the track. Roughly, the track used to be 11 years, now its 10, so last year they promoted people from both classes of 2010 and 2011. This year it will just be 2012.

Obviously not everybody makes it in the same year, etc., but this is the basic idea.

There are about 500 share partners. If they have a 30-year career with equity, then you'd need 17 new ones each year in steady-state. The firm is growing, which would push you above 17, but also some come externally, pushing down on promotions.

[Anonymous User]

In light of the discussion of making shares, are the claims made in the below thread accurate? Is Kirkland really making 60 internal equity partner promotions a year? (In a good year, at least)

viewtopic.php?f=23&t=311474#p10503235

No, that was basically a double year due to the change in the track. Roughly, the track used to be 11 years, now its 10, so last year they promoted people from both classes of 2010 and 2011. This year it will just be 2012.

Obviously not everybody makes it in the same year, etc., but this is the basic idea.

There are about 500 share partners. If they have a 30-year career with equity, then you'd need 17 new ones each year in steady-state. The firm is growing, which would push you above 17, but also some come externally, pushing down on promotions.

I think a 30-year equity track is *way* overestimating how long most of these people stay with equity. I'd guess the median length is about 10-15 years based on observation (which is hilarious that people fight for it for so long and then keep it for a decade only). Combo of making enough and moving to something lower stress, getting a compelling offer somewhere else (rival firm, government, GC of a company), being de-equitized (it happens at KE more than people want to talk about), and just burnout. To be fair, 10-15 years of equity at Kirkland should set any normal human being up with enough wealth to last them for the remainder of their life and then more.

[Anonymous User]

Oh man I'm sure they've just been busy I'm sure my shares call is coming any minute now ....

[thisismytlsuername]

In light of the discussion of making shares, are the claims made in the below thread accurate? Is Kirkland really making 60 internal equity partner promotions a year? (In a good year, at least)

viewtopic.php?f=23&t=311474#p10503235

No, that was basically a double year due to the change in the track. Roughly, the track used to be 11 years, now its 10, so last year they promoted people from both classes of 2010 and 2011. This year it will just be 2012.

Obviously not everybody makes it in the same year, etc., but this is the basic idea.

There are about 500 share partners. If they have a 30-year career with equity, then you'd need 17 new ones each year in steady-state. The firm is growing, which would push you above 17, but also some come externally, pushing down on promotions.

I think a 30-year equity track is *way* overestimating how long most of these people stay with equity. I'd guess the median length is about 10-15 years based on observation (which is hilarious that people fight for it for so long and then keep it for a decade only). Combo of making enough and moving to something lower stress, getting a compelling offer somewhere else (rival firm, government, GC of a company), being de-equitized (it happens at KE more than people want to talk about), and just burnout. To be fair, 10-15 years of equity at Kirkland should set any normal human being up with enough wealth to last them for the remainder of their life and then more.

Don't be silly. I was told if you work hard for 8-10 years you get $50 million.

[Anonymous User]

Oh man. It's getting so late in the day. They must be *super* busy I'm sure the call is coming soon hahaha. I'm just sure.

[legalpotato]

In light of the discussion of making shares, are the claims made in the below thread accurate? Is Kirkland really making 60 internal equity partner promotions a year? (In a good year, at least)

viewtopic.php?f=23&t=311474#p10503235

No, that was basically a double year due to the change in the track. Roughly, the track used to be 11 years, now its 10, so last year they promoted people from both classes of 2010 and 2011. This year it will just be 2012.

Obviously not everybody makes it in the same year, etc., but this is the basic idea.

There are about 500 share partners. If they have a 30-year career with equity, then you'd need 17 new ones each year in steady-state. The firm is growing, which would push you above 17, but also some come externally, pushing down on promotions.

I think a 30-year equity track is *way* overestimating how long most of these people stay with equity. I'd guess the median length is about 10-15 years based on observation (which is hilarious that people fight for it for so long and then keep it for a decade only). Combo of making enough and moving to something lower stress, getting a compelling offer somewhere else (rival firm, government, GC of a company), being de-equitized (it happens at KE more than people want to talk about), and just burnout. To be fair, 10-15 years of equity at Kirkland should set any normal human being up with enough wealth to last them for the remainder of their life and then more.

Don't be silly. I was told if you work hard for 8-10 years you get $50 million.

The best part of it though, that no one mentions, is being able to be on your death bed and truly have no ragrats, as you are surrounded by your nursing home staff and 1 out of 3 of your estranged children.

[Anonymous User]

Some associate told me they thought Ballis said last year that there would be a 2,000 hr minimum requirement to get a bonus *this* year. I'm kinda hoping this associate is crazy. (I remember last year was the above-market floor, but not the actually-getting-a-bonus floor). Does anyone else remember anything like that?

It would be nice if everyone got a bonus and then high billers got huge money, like the good old days.

[Anonymous User]

Some associate told me they thought Ballis said last year that there would be a 2,000 hr minimum requirement to get a bonus *this* year. I'm kinda hoping this associate is crazy. (I remember last year was the above-market floor, but not the actually-getting-a-bonus floor). Does anyone else remember anything like that?

It would be nice if everyone got a bonus and then high billers got huge money, like the good old days.

This is flat wrong. The standard announced last year was anyone who bills at least 2,000 hours will get above market (though as has been pointed out above market might mean 5% above market these days). People who billed under 2,000 “just” got market.

[Anonymous User]

Some associate told me they thought Ballis said last year that there would be a 2,000 hr minimum requirement to get a bonus *this* year. I'm kinda hoping this associate is crazy. (I remember last year was the above-market floor, but not the actually-getting-a-bonus floor). Does anyone else remember anything like that?

It would be nice if everyone got a bonus and then high billers got huge money, like the good old days.

This is flat wrong. The standard announced last year was anyone who bills at least 2,000 hours will get above market (though as has been pointed out above market might mean 5% above market these days). People who billed under 2,000 “just” got market.

WIth how high our billing rates are, you'd think higher bonus multipliers would be in the firm's interest as well as our own. I know I've definitely billed less this year than last due to expecting crappy multipliers. Just not worth it.

[Anonymous User]

Maybe a long shot but does anyone know the timing of when you would find out you've made shares out of NSP? Does the conversation typically happen as part of your NSP "review" (60 second phone call), which they usually do just a few days before Christmas? Or at a different time? I know last year when Ballis made the announcement about shortening of the track in early-December supposedly people found out about shares that same day but not sure if that was an aberration from normal practice because they were rolling out the policy change. Any info appreciated.

The call goes out around the time of the holiday party

Well what are we all going to do tomorrow when we find out we're becoming millionaires? Jesus I didn't realize I had so little time. The Lambo dealer opens at 10 I think so I can probably squeeze in a preorder before the call comes in at least.

Anyone hear rumors of calls going out yet? Rumor mill a little slower with everyone working from home on Friday so curious.

[Anonymous User]

Maybe a long shot but does anyone know the timing of when you would find out you've made shares out of NSP? Does the conversation typically happen as part of your NSP "review" (60 second phone call), which they usually do just a few days before Christmas? Or at a different time? I know last year when Ballis made the announcement about shortening of the track in early-December supposedly people found out about shares that same day but not sure if that was an aberration from normal practice because they were rolling out the policy change. Any info appreciated.

The call goes out around the time of the holiday party

Well what are we all going to do tomorrow when we find out we're becoming millionaires? Jesus I didn't realize I had so little time. The Lambo dealer opens at 10 I think so I can probably squeeze in a preorder before the call comes in at least.

Anyone hear rumors of calls going out yet? Rumor mill a little slower with everyone working from home on Friday so curious.

If you’re making it, you know weeks (potentially months) ahead of time.

[Anonymous User]

There were some (or at least one) very unfortunate last second surprises last year

[Anonymous User]

There were some (or at least one) very unfortunate last second surprises last year

You mean downside surprises? Some guy who thinks he's getting shares and it's pulled at the last minute?

[Anonymous User]

There were some (or at least one) very unfortunate last second surprises last year

You mean downside surprises? Some guy who thinks he's getting shares and it's pulled at the last minute?

Yep - wasn’t someone living in a fantasy world either

[Anonymous User]

Maybe a long shot but does anyone know the timing of when you would find out you've made shares out of NSP? Does the conversation typically happen as part of your NSP "review" (60 second phone call), which they usually do just a few days before Christmas? Or at a different time? I know last year when Ballis made the announcement about shortening of the track in early-December supposedly people found out about shares that same day but not sure if that was an aberration from normal practice because they were rolling out the policy change. Any info appreciated.

The call goes out around the time of the holiday party

Well what are we all going to do tomorrow when we find out we're becoming millionaires? Jesus I didn't realize I had so little time. The Lambo dealer opens at 10 I think so I can probably squeeze in a preorder before the call comes in at least.

Anyone hear rumors of calls going out yet? Rumor mill a little slower with everyone working from home on Friday so curious.

If you’re making it, you know weeks (potentially months) ahead of time.

As far as I can tell no one gets "surprised" with shares. Someone feel free to share a story to the contrary to give all us scrubs hope, but. The partnership doesn't just dole it out like a surprise bonus bump or some extra comp, which definitely can happen. They take it very seriously and there's months of politics and maneuvering before each year's decision. I doubt anyone has just gotten a random call on a Thursday that goes "congratulations, you're a share partner now" who wasn't already expecting it and looped into those conversations for months in advance. Again, if anyone has ever heard a contrary story, spill it because that would be amazing.

[Anonymous User]

There were some (or at least one) very unfortunate last second surprises last year

You mean downside surprises? Some guy who thinks he's getting shares and it's pulled at the last minute?

Yep - wasn’t someone living in a fantasy world either

Well that happens more often than you might expect. Getting shares seem to be an incredibly complicated and conflicted process. I know several NSPs who have had very powerful partners (including Firm Committee level) go to bat for them only to get denied in the closing stages of the year's committee process.

[Anonymous User]

There were some (or at least one) very unfortunate last second surprises last year

You mean downside surprises? Some guy who thinks he's getting shares and it's pulled at the last minute?

Yep - wasn’t someone living in a fantasy world either

Well that happens more often than you might expect. Getting shares seem to be an incredibly complicated and conflicted process. I know several NSPs who have had very powerful partners (including Firm Committee level) go to bat for them only to get denied in the closing stages of the year's committee process.

Yes, that’s why the weeks (or months) in advance comment above probably isn’t completely accurate. No one should be surprised if they get shares, but there are plenty of surprises in the no promotion category. Wouldn’t rest easy or make any plans until official

[Anonymous User]

Maybe a long shot but does anyone know the timing of when you would find out you've made shares out of NSP? Does the conversation typically happen as part of your NSP "review" (60 second phone call), which they usually do just a few days before Christmas? Or at a different time? I know last year when Ballis made the announcement about shortening of the track in early-December supposedly people found out about shares that same day but not sure if that was an aberration from normal practice because they were rolling out the policy change. Any info appreciated.

The call goes out around the time of the holiday party

Well what are we all going to do tomorrow when we find out we're becoming millionaires? Jesus I didn't realize I had so little time. The Lambo dealer opens at 10 I think so I can probably squeeze in a preorder before the call comes in at least.

I'm a superstar 6th year who got a 1 on my last review. I have an alarm set for 3AM so that I can wake up and reply "will do" to emails that may have trickled in. What do you think my chances are?

[Anonymous User]

There were some (or at least one) very unfortunate last second surprises last year

You mean downside surprises? Some guy who thinks he's getting shares and it's pulled at the last minute?

Yep - wasn’t someone living in a fantasy world either

Well that happens more often than you might expect. Getting shares seem to be an incredibly complicated and conflicted process. I know several NSPs who have had very powerful partners (including Firm Committee level) go to bat for them only to get denied in the closing stages of the year's committee process.

Yes, that’s why the weeks (or months) in advance comment above probably isn’t completely accurate. No one should be surprised if they get shares, but there are plenty of surprises in the no promotion category. Wouldn’t rest easy or make any plans until official

Poster you’re referring to here—let me rephrase, there may be a last-second nasty surprise, but if you are going to make it, you have numerous people in very powerful places telling you it will happen for a while—it’s not like a lawschool grade where you have no idea how you did and then you find out you booked the class.

[Anonymous User]

Anyone have a sense of if NY/Chicago is the power center for restructuring, or if there's any difference between the two offices re: longevity/NSP promotion?

Formerly Chicago, currently NY, but both offices are central to the practice. It ebbs and flows back in forth depending on practice group dynamics.

[Anonymous User]

Anyone have a sense of if NY/Chicago is the power center for restructuring, or if there's any difference between the two offices re: longevity/NSP promotion?

My sense is that they are roughly the same.

It's moving toward NY now that Sassower/Sussberg are on the Firm Committee. No real effect on NSP prospects, but, given proximity to NY, may have an effect on SP prospects.

[Anonymous User]

Has anyone ever heard of someone declining the "promotion" to NSP and just continuing on as an associate?