Founded in 1909 in Chicago, Kirkland & Ellis is a leading US and international firm with a network of 15 offices spanning three continents.
The firm has its largest concentration of offices in its native jurisdiction with branches in Boston, Chicago, Dallas, Houston, Los Angeles, New York, Palo Alto, San Francisco, and Washington DC.
Focusses/specialisms
In transactional work the firm is renowned – both domestically and abroad – for its expertise in advising financial sponsors on leveraged finance borrowing, high yield debt issues and acquisitions and exits. Financial restructuring expertise in general is another specialism. The firm practices and client base in the US are, however, more diversified than this.
The banking team represents borrowers in acquisition financing, project financing, liability management, financial restructuring, DIP lending, working capital financing, revolver loan agreements and term loan agreements.
In project finance and project development, the team has expertise in the oil and gas and energy industries, where it often advises developers.
In capital markets work the firm advises both issuers and underwriters in corporate bond offerings, high yield bond offerings, IPOs, share offerings and follow on offerings.
The M&A team represents strategic and private equity buyers and sellers in billion dollar transactions across all industries. In fact, the firm has one of the largest private equity practice areas in the country, where the team represents private equity clients in acquisitions and investments.
The restructuring and insolvency group advises debtors in financial restructurings and Chpter 11 cases.
Private equity is a core sector of activity and expertise for the firm and it has notable clients in the oil and gas and banking industries.
Geographically, at a state level, the firm’s offices in California, Illinois, New York and Texas are comparably strong and each has teams at, or close to, the top of the markets in their areas.
Key clients
Key clients for the firm include AbbVie, Bain Capital Private Equity, Indigo Natural Resources, Citigroup Global Markets, Boeing, Grubhub, Goldman Sachs, Bristol-Myers Squibb Company, GlaxoSmithKline, KKR, Blackstone, Forever 21 and iHeartMedia.
Research period review: 30th edition (2019/2020)
Over the research period the firm was active across banking and finance, capital markets, M&A and private equity and restructuring.
The banking team worked on a high amount of acquisition finance transactions across numerous industries including pharmaceuticals, banking and financial services and technology. It mostly represented borrowers in these matters.
The capital markets team represented mostly issuers in corporate bond offerings, high yield bond offerings, IPOs and share offerings across a diverse number of industries.
The M&A team represented strategic and private equity buyers and sellers in billion-dollar acquisition and merger related matters. It also continued to represent private equity clients in investments.
The project finance team concentrated on renewable energy projects, especially solar energy, and natural gas projects. Similarly the project development team was active in the oil and gas industry, advising clients primarily in midstream infrastructure and development on acquisitions.
The restructuring and insolvency team worked on some of the nation’s largest restructuring and Chapter 11 cases.
The firm made a number of new hires during the research period. The capital markets team added partners Pippa Bond and Monica Shilling from Proskauer Rose. Shilling is also experienced in private equity.
The project finance team brought in partners Ginger Collier from Norton Rose, Rustin Brown from Simpson Thacher & Bartlett, Nathan Santamaria from Linklaters, Brooksany Barrowes from Baker Botts and of counsel Nicholas Gladd from the Federal Energy Regulatory Commission.
The project development team hired partner Debbie Yee from Latham & Watkins. Partners Michael Woronoff, Jonathan Benloulou and Chris Wu joined the firm from Proskauer Rose and partner David Klein joined from Paul Weiss. All four partners specialize in private equity and M&A.
Another recent new joiner for the M&A team is partner Rajab Abbassi from Willkie Farr & Gallagher. M&A partner William Sorabella left the firm and joined Gibson Dunn.
Deal highlights: 30th edition (2019/2020)
AbbVie $83 billion acquisition of Allergan
BC Partners C$5.2 billion acquisition of Rhône Group’s equity interest in Garda World Security
Bristol-Myers Squibb $74 billion acquisition of Celgene
Chewy NYSE IPO
DTE Midstream $2.65 billion acquisition of Indigo Natural Resource’s gathering system and gathering pipeline in the Haynesville shale formation
iHeartMedia Chapter 11 restructuring
Staples $3 billion double tranche 7.5% and 10.75% high yield bond offering
Toys R Us Chapter 11 bankruptcy
Client feedback: 30th edition (2019/2020)
M&A
"Very responsive and practical, with good handle on commercial issues."
Private equity
"By far Kirkland's strongest qualities are its subject matter expertise and its willingness to work as hard as is required to get the job done as quickly as possible. They will work around the clock if necessary and generally will do it without being prodded to do so. They have a very strong pulse on the market and are able to provide very specific and accurate feedback when presented with questions."
Project finance
"K&E is best in class. Highly commercial and also detail-oriented. They are a tremendous asset."
Restructuring and insolvency
"The firm is excellent at marketing and has some excellent attorneys."
Bill Benitez
"Very accommodating, practical and responsive."
Jordan Murray
"Very knowledgeable on subject matter."
Rohit Chaudhry
"Best in the business."
