World's Wealthiest Law Firm Conducts Layoffs Due To Market Conditions
The size of the firm's capital markets team was reportedly 'too big.'
The highest-grossing law firm in the world is reportedly conducting layoffs — and remarkably, they’re not of the stealth variety this time.
As noted by Law.com International, Kirkland & Ellis — a firm that brought in $6,514,300,000 gross revenue in 2022, putting it at No. 1 on the most recent Global 200 — recently handed out pink slips to at least nine of its capital markets attorneys in Asia, where the firm has offices in Beijing, Shanghai, and Hong Kong. Market conditions in the area have been described as “turbulent.” Here are some additional details:
The capital markets lawyers were told to attend their weekly team meetings last week in person rather than via virtual platforms. At a team meeting on February 26, 2024, Hong Kong partner Mengyu Lu said some associates were being laid off, attributing the firm’s decision to market conditions and the size of the team, which is “too big,” one person told Law.com International. The associates were also told by Lu that their release is not performance related.
Sources say that those who were laid off will leave the firm by the end of the month.
Kirkland did not confirm the layoffs, stating, “We do not comment on internal matters.” The firm did, however, brag about its remaining capital markets team, saying, “We would note that our Asia capital markets team, with eight partners and over 30 fee earners, continues to be one of the largest in the region and has a track record of leading the most complex capital markets transactions and delivering commercial, proactive and experienced advice to all our clients.”
Best of luck to those who are being let go from Kirkland & Ellis.
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Kirkland Lays Off Capital Markets Lawyers in Greater China [Law.com International]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
