Wall Street ‘Nightmare’ Alive as Kirkland Poaches From Wachtell

Kirkland & Ellis’ new chairman Jon Ballis has wasted little time making his mark, poaching a rising star dealmaker away from one of Big Law’s most untouchable firms this week, despite a global pandemic slowing the economy and scaring rivals away from making big-dollar hires.

Hiring Edward Lee from Wachtell Lipton Rosen & Katz sent a clear signal to the industry that the Chicago-founded firm poses a threat to even the most venerable white-shoe firms and their “lockstep” pay structures that set compensation based on seniority. It’s a classic Kirkland move— a young up and comer from a major firm. ...