The Latest Departures Through The K&L Gates
What is up with the firm's Chicago office?
Earlier this week, we predicted that prominent partners in investment management would be leaving K&L Gates for other firms. These predictions have come to pass, as reported by the Legal Intelligencer:
Stradley Ronon Stevens & Young has brought on a four-partner team from K&L Gates, adding to its Washington, D.C., office and spurring the opening of a Chicago location.
Stradley Ronon said Thursday it has hired investment management partners David Glatz and Alan Goldberg in Chicago and Eric Purple and Nicole Trudeau in Washington.
“Nice pick up for Stradley,” one ATL tipster told us. Said a second source, “Dave Glatz and Alan Goldberg were heavy hitters in the Chicago office’s strong Investment Management group. Can’t see the group surviving if it loses their book of business.” A third reader estimated the departing partners’ combined book of business as “north of $10 million.”
Navigating Financial Success by Avoiding Common Pitfalls and Maximizing Firm Performance
In light of these and other recent departures, several sources of ours expressed concern over the future of the Chicago office (previously described by a tipster as a “hot mess”). From a former associate:
The office is definitely in trouble. A lot of the big partners are getting close to retirement. Younger partners just haven’t been bringing in sufficient business. Associates are leaving left and right. And this past summer class–100% received offers, but only 66% (6 out of 9) accepted them. Not a good situation. IP group was the strongest in the office, but with the most recent defections, even that group can’t be relied upon.
From a former partner (speaking about the firm more generally):
Management is extremely bloated… 70+ lawyers, most of whom do not bill many hours. Some of these partners bill no hours and make well into the seven figures. On top of that, the firm has cut sweetheart deals with lateral partners in order to build numbers.
Panic has set in at the Chicago office, where associates are being offered retention bonuses if they agree to stay on until July.
Sponsored
The Business Case For AI At Your Law Firm
Is The Future Of Law Distributed? Lessons From The Tech Adoption Curve
Legal AI: 3 Steps Law Firms Should Take Now
Is The Future Of Law Distributed? Lessons From The Tech Adoption Curve
We love news of associate bonuses here at Above the Law, but these aren’t the bonuses we’re looking for.
We reached out to K&L Gates about this report of retention bonuses, but the firm didn’t get back to us. If you have info about K&L you’d like to tell, you know where to reach us.
Stradley Ronon Opens in Chicago With K&L Gates Hires [Legal Intelligencer]
Big Law Partners Snag GC Roles, Plus More Lateral Moves [Am Law Daily]
Earlier: More Departures From The K&L Gates; Do They Matter?
Déjà Vu All Over Again: Peter Kalis Of K&L Gates Strikes Back At Law360
Barbarians At The K&L Gates?
Everything Is Great, K&L States: Peter Kalis Comes Out Swinging
Partners Streaming Out Of The K&L Gates?
The ATL Interrogatories: 10 Questions with Peter Kalis of K&L Gates
Sponsored
Navigating Financial Success by Avoiding Common Pitfalls and Maximizing Firm Performance
