Private equity lawyers in demand
Surging activity in the private equity arena is creating a parallel surge in demand for lawyers who know the private equity beat.
The past few months have seen a number of City of London law firms boosting their private equity practice, and recruiters say others are set to do the same.
"The US law firms have been making high profile hires to build their private equity practices in London," says Siobhan Lewington, a director at Fox Rodney Search, a specialist legal recruiter. "They're looking for lawyers with existing relationships with the big private equity houses who can originate business."
Data from Incisive Media, a research group, suggests European private equity activity in the first quarter of this year was the second highest on record, at €34.3bn ($43.2bn).
US law firms such as Cleary Gottlieb Steen & Hamilton and Kirkland & Ellis have been scooping up private equity talent as a result. In March, for example, Kirkland & Ellis hired Graham White, Linklaters head of global private equity, along with partner Raymond McKeeve.
Last month, Cleary Gottlieb Steen & Hamilton hired Michael McDonald, an Allen & Overy partner whose experience included M&A and restructuring.
Graham White is said to have moved for an annual package of $4m, although this is unconfirmed by Kirkland & Ellis.
"Private equity law is a very lucrative area to be in right now," says Lewington. "Private equity partners moving to other firms can negotiate generous guaranteed packages."
