Kirkland & Ellis is overhauling its equity partner exit terms – ushering in new policies to withhold compensation for departing partners, as well as slashing notice periods and speeding up the time it takes those leaving to be repaid their capital.
Partners are understood to have unanimously approved the changes earlier this week (16 July), with the move, first revealed by Financial News, meaning equity partners leaving the firm could potentially see millions in accrued compensation withheld by Kirkland, where average PEP stands at nearly $8m and stars are paid significantly more.
