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Companions at US regulation agency Kirkland & Ellis took residence greater than $9mn final 12 months on common, because the world’s highest-grossing regulation agency notched up a brand new income file amid a restoration in dealmaking.
The Chicago-founded regulation agency’s fairness companions, who share in its earnings, have been handed about $9.25mn within the 12 months to the tip of December, in keeping with an individual with information of the monetary outcomes, up 16 per cent 12 months on 12 months.
Kirkland, recognized for its ties to the most important personal fairness shoppers, boosted income by 22 per cent to a file $8.8bn, sealing its place because the world’s largest regulation agency.
The figures, which have been first reported by business publication The American Lawyer, come amid a robust reporting season for US regulation companies, as a resurgence in dealmaking final 12 months has pushed returns for the world’s key company advisers.
World M&A sank under $3tn in 2023 for the primary time in additional than a decade, however picked up final 12 months, with Kirkland & Ellis performing on large transactions together with representing Pringles and Pop-Tarts maker Kellanova in its $35.9bn sale to Mars and advising World Infrastructure Companions in its $12.5bn sale to BlackRock.
Based on information from the London Inventory Change Group, Kirkland suggested on greater than $431bn of M&A final 12 months globally, making it the top-ranked authorized adviser, with a market share of greater than 14 per cent. Kirkland declined to touch upon its monetary efficiency.
Latham & Watkins, the second-largest international regulation agency, reported final week that it had hit $7bn in revenues for the primary time in 2024, whereas revenue per fairness companion (PEP) rose practically 30 per cent to $7.1mn.
The outcomes come as Kirkland additionally elevated its fairness companion ranks 6 per cent to 573 within the final 12 months, in keeping with AmLaw. As well as, the agency’s general lawyer headcount has grown practically 9 per cent globally, to greater than 3,800.
Kirkland is one among quite a lot of elite US companies that has been increasing its footprint in Europe in recent times as American outfits have sought to do extra for his or her shoppers, notably in personal fairness, within the area.
The agency opened an workplace in Frankfurt final 12 months, centered on personal fairness and M&A, with a plan to drive additional into the vitality and infrastructure, expertise and finance sectors there. Kirkland additionally launched an workplace in Riyadh in 2023 in a bid to capitalise on one of many world’s fastest-growing main economies.
US agency Reed Smith additionally reported its 2024 outcomes final week, exceeding $1.5bn in revenues for the primary time. It posted its highest-ever PEP determine at $1.8mn, up 14 per cent on the earlier 12 months.
