Biglaw, Money, Partner Issues

Who Is Biglaw's $8 Million Man?

How much does it cost to woo a successful partner away from a prestigious and profitable firm?

By  
on

It’s no secret that Biglaw firms lure top talent into their partnerships with the promise of guaranteed compensation packages, but the enormous size of those packages can sure raise some eyebrows. Just how much does it cost to woo a successful partner away from a prestigious and profitable firm?

The answer to that question is several million dollars, and Kirkland & Ellis isn’t afraid to shell out the big bucks to retain even bigger money makers for its firm.

Case in point: meet Stephen Lucas, who formerly served as Weil Gotshal’s banking department chair. The Harvard Law and University of London graduate joined K&E earlier this year, at the end his $5.5 million, three-year guarantee from Weil. Weil reportedly offered Lucas $6 million to stay, but greener pastures awaited at Kirkland.

Here are the details on his new compensation package from the American Lawyer:

Kirkland awarded Lucas, one of London’s top leveraged finance partners, 60 points of firm equity, according to two sources familiar with the circumstances of his hire. With each point currently worth $130,000, that puts his annual salary just shy of $8 million, which Kirkland has guaranteed for three years, according to the same two sources, making him one of the highest-paid partners in London.

Holy crap. What’s a lawyer to do with an almost $8 million salary? We certainly hope that Lucas has a luxurious lawyerly lair locked down — or several of them.

Kirkland has a history of making high-priced hires. For example, this past spring, the firm hired away a Simpson Thacher partner for a reported $5 million annual compensation package. This fall, the firm hired another litigator away from Weil Goshal, for the cool price of about $3 million in guaranteed annual salary.

Sponsored

If you’re interested in bankrolling millions each year, you better pray that your book of business is bountiful enough for Kirkland & Ellis to binge on. Best of luck!

Kirkland’s $8 Million Lateral [American Lawyer]

Sponsored

Topics

, , , , , ,