Latest news with #Kirkland&Ellis
Hindustan Times
6 days ago
- Business
- Hindustan Times
Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump
The nine law firms that promised President Trump they would perform about $1 billion in pro bono work on his favored causes have embraced broad interpretations of what they owe. Several firms that struck the unprecedented deals have shrugged them off as unenforceable and have taken on little to no additional unpaid work, according to people familiar with the matter. They are hoping Trump has moved on. Others are doing the math to classify the pro bono work they perform anyway to satisfy their commitments to the White House. Kirkland & Ellis, meanwhile, has helped the Trump administration in its trade deals, which appears to go beyond what was spelled out in the written agreement. Though the deals involve multibillion-dollar law firms, much of what's known about them is essentially written on the back of a digital napkin, contributing to the uneven delivery. Trump announced the terms in a series of posts on his Truth Social platform. Also complicating matters: Four law firms that refused to enter into agreements with Trump have won every court challenge they brought, adding to the belief that any deals announced on social media are unenforceable. Kirkland & Ellis has helped the Trump administration in its trade deals. Starting in late February, Trump issued a series of executive orders threatening law firms' access to federal buildings, security clearances and their clients' government contracts, citing their diversity practices and connections with his political enemies. Paul Weiss was the first law firm to strike a deal with the White House, committing to $40 million of pro bono work for causes such as assisting veterans and fighting antisemitism. A series of similar deals followed with firms including Kirkland & Ellis, Simpson Thacher and A&O Shearman. 'Law firms that have for years propelled one-sided justice by providing pro bono resources to those causes that make our nation more dangerous and less free have started serving their nation,' said White House spokesman Harrison Fields. 'All will benefit from this massive step to equality and justice.' Many firm leaders said they received limited follow-up from the White House after inking the deals. Behind the scenes, Trump's personal lawyer Boris Epshteyn, who helped negotiate the original deals, has continued communicating with firms on the administration's behalf. Epshteyn connected Kirkland & Ellis with the Commerce Department, which turned to the firm to help negotiate trade deals with Japan and South Korea that were both announced in July, according to people familiar with the matter. Within the firm, the work was seen as apolitical and relatively innocuous compared with the more politically partisan and edgy assignments some in the legal industry feared might be sought by Trump allies, according to people familiar with the matter. The New York Times earlier reported on Kirkland's role. 'The Commerce Department and Secretary Lutnick are working with some of America's top law firms and legal minds to cement the truly historic trade deals that President Trump negotiated for the American people,' an agency spokesman said. One leader at a firm with a White House agreement told associates that they wouldn't have to work on causes favored by Trump, including representing participants in the Jan. 6 riots on the Capitol—and wouldn't face new obligations because of the deal, according to people familiar with those discussions. President Trump announcing a deal with an elite law firm in March. The commitments will be difficult for some law firms to complete before Trump leaves office. One of the smaller dealmaking firms, Cadwalader, typically performs $5 million to $7 million of pro bono work a year, according to people familiar with the matter. It committed to at least $100 million of pro bono work, meaning it could take two decades to fulfill the terms of the deal if it devoted all of its current pro bono budget to that effort. The co-chair of the firm's litigation group, Nick Gravante, floated that the firm could provide pro bono help to the Brooklyn District Attorney's Office, but a spokesman for the office said no one from the firm ever reached out. The cases the Trump administration has lost in court have weakened its position. And in another lawsuit, filed by the American Bar Association, Justice Department lawyers recently noted that the administration has taken no additional action against firms in four months and more sanctions 'may never happen.' 'I think the administration has completely lost the leverage it has over future firms,' said Gary DiBianco, a retired Skadden lawyer who recently launched a pro-bono litigation group. Still, the deals have had one clear effect on pro bono work: Dealmaking firms have been more reluctant to take on public-interest litigation challenging the administration. Nonprofit leaders say they have had to hire new in-house lawyers to compensate for the loss of work from big firms who helped them for free in prior years but now ignore their calls. Advocates for conservative causes had hoped the deals would give them new opportunities to secure legal support from the country's top lawyers. The firms that made agreements have been inundated with requests, according to lawyers familiar with the solicitations. Far-right groups have sought help. A landlord group asked firms to aid its efforts to curb rent control. A Republican donor sought help in a criminal case. Trump directed Attorney General Pam Bondi in April to create a mechanism to deliver private-sector pro bono assistance for law enforcement officers accused of misconduct. To date the white-shoe firms have yet to show up, said Devin Barrington-Ward, a spokesman for the National Police Accountability Project, which provides legal support for plaintiffs suing over police misconduct allegations. 'It's not happening,' agreed Harry Stern, a California lawyer who represents law-enforcement personnel facing legal liability He isn't convinced the big firms' expertise would translate into courtroom wins for the rank-and-file officers he typically represents, 'just like they wouldn't welcome my help in a mergers and acquisitions deal,' he said. The Oversight Project, a conservative watchdog group formerly affiliated with the Heritage Foundation, has been approaching law firms that made deals to ask for legal help but most never responded, the group's president, Mike Howell, said. A few firms took meetings but haven't yet taken on any proposed legal work. The Oversight Project plans to put out a list grading whether firms are complying with the settlements. 'We have a menu of cases spanning different types of work, and we gave them every possible reason to say yes,' Howell said. Write to Erin Mulvaney at C. Ryan Barber at and Jess Bravin at Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump
Yahoo
22-07-2025
- Business
- Yahoo
CSM and Kirkland & Ellis lead H1 2025 tech M&A legal advisers
In the first half of 2025 (H1 2025), Cravath Swaine & Moore (CSM) and Kirkland & Ellis emerged as the top legal advisers in mergers and acquisitions (M&A) within the technology, media, and telecom sectors, according to GlobalData's latest figures. CSM led the field by advising on deals valued at $51.8bn, while Kirkland & Ellis handled the highest number of transactions, totalling 58. The rankings from GlobalData, which categorise legal advisers based on both the financial value and the number of M&A transactions, show a notable shift for CSM. GlobalData lead analyst Aurojyoti Bose said: 'Cravath Swaine & Moore, which led by value in H1 2025, was not even among the top 10 by this metric in H1 2024. Due to involvement in big-ticket deals, it registered more than a four-fold jump in the total value of deals advised by it in H1 2025 compared to H1 2024." CSM was involved in seven transactions exceeding $1bn each, including one significant deal surpassing $30bn. Kirkland & Ellis retained its position as the foremost adviser by volume from the first half of 2024 into 2025. Additionally, it secured seventh place in terms of deal value during H1 2025. Latham & Watkins took second place in both categories, managing $49.8bn across 44 deals. Fenwick & West followed with transactions totalling $44bn in value, while Wachtell, Lipton, Rosen & Katz handled $42.8bn worth of deals. According to GlobalData's Deals Database, Paul, Weiss, Rifkind, Wharton & Garrison completed transactions amounting to $37.4bn. For deal numbers, London-based CMS was third with 36 deals, followed by Wilson Sonsini Goodrich & Rosati with 35 and DLA Piper with 29 deals. "CSM and Kirkland & Ellis lead H1 2025 tech M&A legal advisers" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
AU Financial Review
26-06-2025
- Business
- AU Financial Review
‘Kirklandisation' of big law pushes firms to launch salaried partnerships
London and New York | Decades ago, long before it was a private-equity powerhouse, the law firm Kirkland & Ellis was a pioneer of a model that overturned a long-standing norm in the legal industry. The Chicago-founded firm started promoting lawyers to partner without granting them the very thing that defined partnership: an ownership stake in the firm. It was partnership in name only. Financial Times
Yahoo
09-06-2025
- Business
- Yahoo
Oil & Gas Deals Are Tanking. The World's Top M&A Law Firm Has Been Here Before
(Bloomberg) -- Kirkland & Ellis spent a decade building a billion dollar-plus energy and infrastructure business and becoming the top legal adviser for US oil and gas deals. It was perfectly placed to benefit from Donald Trump's 'drill, baby, drill' agenda. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Then, the US president's global trade war tanked the price of crude and stifled transactions in the country's oil patch, which are down by more than 40% this year, Bloomberg-compiled data show. Kirkland has also found itself among firms caught up in the US government's attacks on big law. With Brent crude hovering around $65 a barrel, Kirkland is looking at other corners of the energy industry, as well as adjacent areas, to help plug the gap. It's notched some big wins this year, including working on one of the largest deals of 2025: Constellation Energy Corp.'s near-$30 billion takeover of power station operator Calpine Corp. Diversifying away from fossil fuel clients has become more pressing for Kirkland after multiple consolidation waves in the sector reduced the number of listed drillers and pipeline operators the firm can tap. 'It's kind of a dwindling business from a public company perspective,' partner Sean Wheeler said. 'It's kind of incumbent upon us to try to expand our remit a bit.' Kirkland's energy and infrastructure business generated about $1.5 billion last year, or roughly 15% of group revenue, people familiar with the matter said—with the US being the main engine. That figure is up from just $30 million in 2014, when Kirkland first arrived in Houston. The firm is seeking more of a foothold in mergers and acquisitions internationally and, for many at the firm, the story of its foray into the heartland of American oil provides a blueprint for how it might try to conquer new markets. A Complete Unknown Back in the spring of 2014, there were plenty of reasons to be skeptical about Kirkland's efforts to break into energy M&A. Founded in Chicago in 1909, the firm had long been an established player in Washington, DC and on Wall Street, but was a completely unknown entity in Texas, where law firms like Vinson & Elkins and Baker Botts dominated. The handful of Kirkland lawyers who landed in Houston to launch the firm's energy practice already had return tickets to Chicago in their pockets in case things didn't work out. 'People around town would ask 'who is Kirkland? What are you guys doing?',' recalls Kyle Watson, a partner at the firm who was among the first on the ground in the Lone Star state and is still based there. To help fix that, Kirkland poached Andrew Calder from Simpson Thacher & Bartlett in Houston and tasked him with leading the build out. A Scotsman with a thick accent, Calder brought strong connections to the likes of Blackstone Inc. and KKR & Co. and had a track record of advising leading energy companies. On his watch, Kirkland prioritized hiring local talent to show it wasn't just, as Calder puts it, 'a bunch of guys with funny accents that were hard chargers and only wanted to do private equity.' Those early recruits included Will Bos from Vinson & Elkins and David Castro from Baker Botts. Shortly after opening a 1,000 square foot office in Houston, Kirkland booked the late county singer Jerry Jeff Walker — best known for his 1968 song 'Mr. Bojangles' — to perform at an event at the annual North American Prospect Expo. The concert was designed to announce the firm's arrival on the scene. 'I was so nervous,' says Calder, 46. 'We were, like, is anybody going to show up?' They did, and Kirkland was soon advising on deals for new buyout clients, as well as strategic players such as C&J Energy Services Inc. The small group of Houston attorneys would ask colleagues in New York to chip in as they jumped from one transaction to the next. 'There was no time to take a breath,' said Watson. 'You were just trying to get deal done, get deal done, get deal done.' What Kirkland didn't envisage was that M&A in the sector would halve in 2015, as excess oil supply sent crude prices crashing. Bankruptcies ensued and, overnight, the firm found itself in demand because of its reputation as a restructuring specialist. Weil Gotshal & Manges, another prominent adviser in distressed situations, had left an opening by scaling down its presence in Texas. Bonanza Creek Energy Inc., Energy Future Holdings Corp. and Midstates Petroleum Co. were among those that came knocking. Some remained clients of Kirkland and kept the firm on speed dial when M&A work returned. 'Good timing played a big part in that initial success,' said Justin Stolte, a partner Latham & Watkins — one of Kirkland's main rivals in US energy dealmaking. 'But from that point forward they made their own luck.' US energy deals slowly began climbing, and hit a new record in 2018. By then, Kirkland was a top three adviser in the sector when measured by number of transactions and was branching out, working on more infrastructure deals as private equity firms sought out ways to benefit from a transition to cleaner forms of energy. It was also still hiring lawyers, with the promise of a fast-track to partner: Associates typically enter Kirkland's non-equity partnership after six years, assuming leadership roles that competitors would make available later. Wheeler, a public company attorney, agreed to join Kirkland in the summer of 2018 from Latham. He's since brought in multibillion-dollar deals from the likes of Marathon Oil Corp., ONEOK Inc. and others. 'Kirkland is pretty entrepreneurial,' said David Foley, a Blackstone senior managing director and a long-time client. 'They evaluate stuff and if they decide that it's a good business and a growing one, and they're not in it, they can make decisions to really commit the firm's capital to hire top-notch talent.' 'Dog Fight' Kirkland hit the top of the legal advisory rankings for US energy deals by value for the first time in 2022, Bloomberg-compiled data show. It slipped back to eighth the following year after missing out on the mammoth Exxon Mobil-Pioneer and Chevron-Hess deals, before reclaiming the number one spot in 2024 thanks to its role advising local giant Marathon on its roughly $23 billion takeover by ConocoPhillips. At the most recent NAPE summit in February, Kirkland partners no longer needed to worry whether anyone would show up. This year, the firm handed out neckties emblazoned with oil-related motifs — instantly recognizable to longtime attendees of the expo. For years, rival Vinson & Elkins had given away the same promotional swag, with oil execs sometimes wearing them in television interviews as an insider nod to the event. Vinson retired the neckties during the pandemic as fewer people donned formal officewear, but Kirkland decide to bring them back. The line to grab one was longer than the queue for a neighboring stall, which was giving away free cigars. 'It's a dog fight down here, it really is,' said Calder. 'So far, we've been on the right side of it.' Both Kirkland's energy and transactional groups fall under the purview of Calder, who sits on Kirkland's 20-person executive committee and helps Chairman Jon Ballis run the firm together with other equity partners. Ballis and his lieutenants often reach key decisions through informal conversations, rather than via committee meetings — an approach that insiders say allows Kirkland to move quickly in competitive situations. In May, Kirkland poached a group of lawyers from Skadden Arps Slate Meagher & Flom after putting together an offer in just 24 hours. 'Time is the enemy of all deals and this is our kind of deal,' Ballis said of the hires. Kirkland's energy and infrastructure division now houses roughly 550 staff spread across the US and beyond. Public companies account for around 30% of its energy dealflow, according to people familiar with the matter, who asked not to be identified discussing confidential information. In some ways, Kirkland has become a victim of its own success in Houston. In a close-knit industry town, the firm can sometimes find itself facing a tough choice of whether to work for a strategic or private equity client in an M&A situation. And picking up more mandates in areas like infrastructure and industrials can be more of a challenge from Texas, according to Wheeler. 'There is a bit of a marketing issue for us when trying to expand into different sectors,' he said. 'People see you in Houston, they think all you know how to do is drill well.' Kirkland's Houston crew has picked up some other big mandates away from pure-play oil and gas this year, advising Brookfield Infrastructure Partners LP on its $9 billion acquisition of fuel pipeline company Colonial Enterprises Inc. and helping Blackstone Infrastructure on its $11.5 billion purchase of New Mexico utility owner TXNM Energy Inc. Growth outside of the US has been harder to come by, despite efforts to capture more international business with new hires and offices abroad. Although the top law firm for deals globally, Kirkland ranked eighth for legal advice on transactions outside the US last year, Bloomberg-compiled data show; in the energy and industrials sectors, it wasn't in the top 10. Calder cites the Middle East and China as regions where the firm might look to do more. What happens next at Kirkland is likely to be overseen by someone other than Ballis, who, at 56, is nearing the age of 60 at which the firm expects partners to start winding down and relinquish seats on its executive committee. Calder is considered a strong contender to succeed him, people familiar with the matter said, with litigation partner Andrew Kassof another name that regularly comes up. Ballis has some words of advice for running the firm. 'You just keep waiting to see where's the ball bouncing and we keep running with it,' Ballis said. 'As long as it keeps bouncing the right way.' --With assistance from Alex Tribou. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. 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Yahoo
03-06-2025
- Business
- Yahoo
Thoma Bravo Completes $34.4 Billion Fundraise
Clear Support for Thoma Bravo's Strategy of Investing in Leading Software Companies and Commitment to Returning Liquidity to Investors Across Market Cycles SAN FRANCISCO, MIAMI, LONDON and CHICAGO, June 3, 2025 /PRNewswire/ -- Thoma Bravo, a leading software investment firm, today announced the completion of fundraising for its buyout funds totaling more than $34.4 billion in fund commitments: Thoma Bravo Fund XVI, a $24.3 billion fund, Thoma Bravo Discover Fund V, an $8.1 billion fund, and as previously announced the firm's first dedicated Europe Fund, with approximately €1.8 billion in capital commitments (individually, a "Fund" and collectively, the "Funds"). The fundraise demonstrates strong support from Thoma Bravo's diverse network of investors for the firm's buyout strategies. Each fund significantly exceeded its target. Thoma Bravo Fund XVI and the Europe Fund were oversubscribed and achieved their hard caps and Thoma Bravo Discover V experienced an over 30% increase in commitments from its prior vintage. "We are deeply grateful to our investors for their continued confidence in Thoma Bravo," said Orlando Bravo, a Founder and Managing Partner at Thoma Bravo. "This fundraise is a testament to the strong relationships we've built with our investors over many years and reflects their belief in our ability to drive meaningful results. Their support will enable us to continue delivering on the strategy we have executed for more than two decades – pursuing leading software companies and deploying our strategic and operational expertise to drive innovation and profitable growth." "The successful completion of our fundraise underscores the enduring trust our investors have in Thoma Bravo's approach and team," said Jennifer James, Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo. "All three funds far exceeded their targets, reflecting not only the strength of our investor relationships but also their conviction in our ability to navigate complex markets. We look forward to continuing to be good stewards of our investors' capital as we seek to deliver strong outcomes." Thoma Bravo has had an active 12 months on both the buy and sell side, with buyout fund investments and realizations representing approximately $35 billion in combined enterprise value. The firm has invested in more than 535 software companies, and today, its software portfolio includes over 75 companies that generate approximately $30 billion of annual revenue and employ over 93,000 staff globally. Commitments to the Funds were secured from Thoma Bravo's broad network of global investors, including sovereign wealth funds, public pension funds, multinational corporations, insurance companies, fund-of-funds, endowments, foundations and family offices. Kirkland & Ellis served as legal advisor for the Funds. About Thoma Bravo Thoma Bravo is one of the largest software-focused investors in the world, with approximately $184 billion in assets under management as of March 31, 2025. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 535 companies representing approximately $275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at Thoma Bravo ContactsMegan Frank +1.212.731.4778 mfrank@ Global Liz Micci / Abigail Farr+1.646.957.2067ThomaBravo-US@ View original content to download multimedia: SOURCE Thoma Bravo Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
