Thoughts on Kirkland Miami? Forum

[Anonymous User]

Interested in any info on culture, hours, personalities, etc. for corporate.

Does it feel like a satellite office, or to the extent one wanted to make partner, is that as realistic there as it would be in Chicago, NY, etc.? Acknowledging that make “shares” is somewhat unrealistic in any office (I think?).

[Anonymous User]

Wouldn’t mind but don’t want to pass another bar exam

[Anonymous User]

Interested in any info on culture, hours, personalities, etc. for corporate.

Does it feel like a satellite office, or to the extent one wanted to make partner, is that as realistic there as it would be in Chicago, NY, etc.? Acknowledging that make “shares” is somewhat unrealistic in any office (I think?).

[Anonymous User]

Interested in any info on culture, hours, personalities, etc. for corporate.

Does it feel like a satellite office, or to the extent one wanted to make partner, is that as realistic there as it would be in Chicago, NY, etc.? Acknowledging that make “shares” is somewhat unrealistic in any office (I think?).

Everyone makes NSP, 2% make SP (that might be a bit high).

[Anonymous User]

Interested in any info on culture, hours, personalities, etc. for corporate.

Does it feel like a satellite office, or to the extent one wanted to make partner, is that as realistic there as it would be in Chicago, NY, etc.? Acknowledging that make “shares” is somewhat unrealistic in any office (I think?).

Everyone makes NSP, 2% make SP (that might be a bit high).

My year in my office started with about 30 people. I think 8-12 ended up as NSPs, two as SPs.

[Anonymous User]

Interested in any info on culture, hours, personalities, etc. for corporate.

Does it feel like a satellite office, or to the extent one wanted to make partner, is that as realistic there as it would be in Chicago, NY, etc.? Acknowledging that make “shares” is somewhat unrealistic in any office (I think?).

Everyone makes NSP, 2% make SP (that might be a bit high).

How much do NSP's make realistically? Basically same as what a 7th/8th year at any other firm makes or are there any material benefits to being an NSP, vs. trying to make partner somewhere else that's more realistic?

[Anonymous User]

Not like Chi, NY or even HTX. Equivalent to SLC.

[Anonymous User]

Interested in any info on culture, hours, personalities, etc. for corporate.

Does it feel like a satellite office, or to the extent one wanted to make partner, is that as realistic there as it would be in Chicago, NY, etc.? Acknowledging that make “shares” is somewhat unrealistic in any office (I think?).

Everyone makes NSP, 2% make SP (that might be a bit high).

How much do NSP's make realistically? Basically same as what a 7th/8th year at any other firm makes or are there any material benefits to being an NSP, vs. trying to make partner somewhere else that's more realistic?

1-3rd year NSPs (ie 7-9th year associates) make the exact same as a senior associate would of the same vintage at another firm, but with a slightly higher bonus (you get a slightly above market bonus as a Kirkland associate). Year 10 you’re either promoted to SP (equity) or SIP (basically equivalent to counsel), or stay at NSP in purgatory forever until you get promoted or quit basically.

10th+ year NSPs are no longer on the “scale” and could make anywhere from the same as they did before (like 8th year associate, maybe a tiny bump) up to $1m+, it’s all individualized. Brand new SPs started between $2.5-3m last year with the tippy top end around $25-30m. SIPs all have individualized deals but from what I hear $1-2m is common.

There used to be a huge financial downside for younger NSPs compared to being a senior associate, because they are very much real partners on paper being paid via K-1 etc, which means no subsidized health premiums, high mandatory retirement contributions, etc. Just this very morning though, they announced that now healthcare will be subsidized so it costs the same as with associates, and the firm is covering 75% of the retirement benefit (DC contribution) in addition to salary/bonus. So essentially NSPs now get the same pay as a senior associate (plus small extra bonus), minus $16,500 from their bonus as a mandatory retirement contribution, but also an additional $49.5k of paid into retirement by the firm.

[Anonymous User]

Interested in any info on culture, hours, personalities, etc. for corporate.

Does it feel like a satellite office, or to the extent one wanted to make partner, is that as realistic there as it would be in Chicago, NY, etc.? Acknowledging that make “shares” is somewhat unrealistic in any office (I think?).

Everyone makes NSP, 2% make SP (that might be a bit high).

How much do NSP's make realistically? Basically same as what a 7th/8th year at any other firm makes or are there any material benefits to being an NSP, vs. trying to make partner somewhere else that's more realistic?

1-3rd year NSPs (ie 7-9th year associates) make the exact same as a senior associate would of the same vintage at another firm, but with a slightly higher bonus (you get a slightly above market bonus as a Kirkland associate). Year 10 you’re either promoted to SP (equity) or SIP (basically equivalent to counsel), or stay at NSP in purgatory forever until you get promoted or quit basically.

10th+ year NSPs are no longer on the “scale” and could make anywhere from the same as they did before (like 8th year associate, maybe a tiny bump) up to $1m+, it’s all individualized. Brand new SPs started between $2.5-3m last year with the tippy top end around $25-30m. SIPs all have individualized deals but from what I hear $1-2m is common.

There used to be a huge financial downside for younger NSPs compared to being a senior associate, because they are very much real partners on paper being paid via K-1 etc, which means no subsidized health premiums, high mandatory retirement contributions, etc. Just this very morning though, they announced that now healthcare will be subsidized so it costs the same as with associates, and the firm is covering 75% of the retirement benefit (DC contribution) in addition to salary/bonus. So essentially NSPs now get the same pay as a senior associate (plus small extra bonus), minus $16,500 from their bonus as a mandatory retirement contribution, but also an additional $49.5k of paid into retirement by the firm.

You're telling me that there are newly minted share partners making $25-30 million? That sounds...implausible.

[TigerIsBack]

Pretty sure you can deduce that the $25-30m is the high end of what all share partners make...

He said newly minted was $2.5m-$3m

[Anonymous User]

Pretty sure you can deduce that the $25-30m is the high end of what all share partners make...

He said newly minted was $2.5m-$3m

30 may be pushing it, 25m sounds about right.

[Anonymous User]

Pretty sure you can deduce that the $25-30m is the high end of what all share partners make...

He said newly minted was $2.5m-$3m

Anon who made the original comment confirming that this is correct. $2.5-3 for newly minted $25-30 for the absolute tippy top max earners among all SPs. It’s not quite $30m, no, but it was $2.5-25m in 2021 and an SP very much in the know told me it’s now “getting close to” $3-30m.

[Anonymous User]

Super useful information. Thanks! Any idea what percentage of NSPs stay NSPs after year 10? Pretty sure less than ten percent make SPs.

[Anonymous User]

Can anyone speak of the size of the office and assignment structure? Do you get enough work to meet hour requirements if you are in PE/funds or do you have to reach out to other offices? If lateraling from out of state (already barred), what is the bar leave time for the FL exam? Does it count toward billables?
Someone earlier said it feels more like SLC than Houston. Do you see any downsides? is there a chance of layoffs similar to SLC?

[Anonymous User]

Can anyone speak of the size of the office and assignment structure? Do you get enough work to meet hour requirements if you are in PE/funds or do you have to reach out to other offices? If lateraling from out of state (already barred), what is the bar leave time for the FL exam? Does it count toward billables?
Someone earlier said it feels more like SLC than Houston. Do you see any downsides? is there a chance of layoffs similar to SLC?

I think it’s worth pointing out that Miami is less than a year old and SLC is about 2 years old, whereas Houston is almost 10 years old. Miami has 33 lawyers, SLC 92, and Houston approaching 250. Miami and SLC are still very new and trying to establish themselves, while Houston has already secured itself indisputably among the top 3 in Texas and arguably #1 (Texas also being a much larger market than either Florida or Utah).

Houston is also the most profitable domestic office, the case study for new offices whose success has inspired all the new locations over the past decade, and the only domestic office outside of Chi and NY to have partners (two) that sit on the Firm Committee (london’s three partners being the only other non-Chi/NY in the committee).

So yeah, Houston isn’t a good comparison for any other office - the rest are either much older or much smaller.

Given that Miami is so new, I’m not sure anyone can confidently say how it will go long term. Maybe it’ll stay small, maybe it’ll do super well. I’m going to go ahead and guess it’ll never grow to the size of Chi/NY/TX/DC/CA simply because the market there is much smaller, but that doesn’t mean it can’t become a top office in Florida or one that is very successful and profitable within its context. I’m honestly not familiar enough with the Florida market to know how much business gets originated there. With SLC, it was very explicitly a talent play for Mormons and skiers because there are few clients in Utah that can afford Kirkland rates - maybe Miami is different. I could see it maintaining a healthy pipeline of work from any simply because Miami is such a popular getaway and retirement spot for New Yorkers, but it would still be a satellite.

To your bar leave question, the firm does give time for study and I’m pretty sure they prorate billables for it. I believe someone said it was 6 weeks.

[Anonymous User]

Interested in any info on culture, hours, personalities, etc. for corporate.

Does it feel like a satellite office, or to the extent one wanted to make partner, is that as realistic there as it would be in Chicago, NY, etc.? Acknowledging that make “shares” is somewhat unrealistic in any office (I think?).

Everyone makes NSP, 2% make SP (that might be a bit high).

How much do NSP's make realistically? Basically same as what a 7th/8th year at any other firm makes or are there any material benefits to being an NSP, vs. trying to make partner somewhere else that's more realistic?

1-3rd year NSPs (ie 7-9th year associates) make the exact same as a senior associate would of the same vintage at another firm, but with a slightly higher bonus (you get a slightly above market bonus as a Kirkland associate). Year 10 you’re either promoted to SP (equity) or SIP (basically equivalent to counsel), or stay at NSP in purgatory forever until you get promoted or quit basically.

10th+ year NSPs are no longer on the “scale” and could make anywhere from the same as they did before (like 8th year associate, maybe a tiny bump) up to $1m+, it’s all individualized. Brand new SPs started between $2.5-3m last year with the tippy top end around $25-30m. SIPs all have individualized deals but from what I hear $1-2m is common.

There used to be a huge financial downside for younger NSPs compared to being a senior associate, because they are very much real partners on paper being paid via K-1 etc, which means no subsidized health premiums, high mandatory retirement contributions, etc. Just this very morning though, they announced that now healthcare will be subsidized so it costs the same as with associates, and the firm is covering 75% of the retirement benefit (DC contribution) in addition to salary/bonus. So essentially NSPs now get the same pay as a senior associate (plus small extra bonus), minus $16,500 from their bonus as a mandatory retirement contribution, but also an additional $49.5k of paid into retirement by the firm.

Can you explain the highlighted a bit more? I think year 1 was $20k withheld and year 2 was $40k, now I thought it was going to be $10k year 1 and $20k year 2 for the 401K bonus holdback. What is this "additional $49.5k paid into retirement by the firm"?