Wake Up Call: Kirkland Lawyers Invest Millions in Equity Clients

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• Kirkland & Ellis partners have invested hundreds of millions of dollars in deals put together by private equity companies they represent—"so much money” that they have an internal market to trade the personal investments. Yet this co-investing “perk” has become less attractive, as some have been left “out of pocket” as buyout groups have had difficulties selling their holdings. (Financial Times)
• Most of the Big Law firms that recently bumped associate pay by between $10,000 and $20,000 earn more than a billion dollars per year in gross revenues and $2 million in equity partner profits, a new survey finds. The salary hikes come at a time when more firms have been concentrating on new non-equity partner and senior lawyer hires. (Law.com)
• ChatGPT is “increasingly infiltrating” the legal industries in England and Wales, with judges there allowed by a Judicial Office guidance to write legal rulings with help from the artificial intelligence chatbot. The advanced AI tech, which continues to make up fake cases, has proven “jolly useful,” one British judge said. (Daily Mail)
• Mike Haven is stepping down as president of the Corporate Legal Operations Consortium, or CLOC, a post he’s held since 2021. Haven, the head of legal operations at Intel, said CLOC achieved several “significant milestones” during his tenure, including growing the group’s membership by 75%. (LinkedIn)

Laterals, Moves, In-house

• Georgia Magno has been named chief legal officer of Baker Hughes, effective Jan. 1. Magno was an international litigator with law firms Cleary Gottlieb and Weil Gotshal.
• Adam Busler has returned to Fox Rothschild as a partner in the litigation department in Atlantic City, N.J.
• Jenny Hill Bratt and Matthew Owens have joined Sheppard Mullin as partners in San Diego, Calif. Bratt joins the tax practice group and estate planning and wealth transfer team, and Owens joins the business trial practice group as part of the private wealth and fiduciary litigation team. They join from Withersworldwide.
• William D’Angelo III has joined Manatt Phelps & Phillips as an entertainment transactions and finance partner in Los Angeles and Orange County, Calif.
• Gemma Anderson has joined Quinn Emanuel as a partner in London. She practiced at Morrison & Foerster.
• Amanda Gill has joined Goodwin Procter as a partner with the mergers and acquisitions practice and life sciences group in New York.