Kirkland
&
Ellis
—
the
world’s
richest
law
firm
—
has
received
some
harsh
and
pretty
public
feedback.
According
to
reporting
from
the
Financial
Times,
last
year,
during
a
limited
partners
industry
event
hosted
by
Institutional
Limited
Partners
Association,
attendees
were
asked
if
they
could
“wave
a
magic
wand,” what
would
they
change
about
private
equity
groups?
Amongst
the
suggestions
for
industry
improvement:
“Fire
K&E.”
Yikes.
Apparently
the
firm’s
“uncooperative”
behavior
is
well
known
in
PE
circles,
as
is
their
penchant
for
rejecting
investor
proposals
with
little
more
than
a
“We
respectfully
decline.”
But
K&E
is
taking
the
less-than-constructive
feedback
in
stride
and
trying
to
right
the
ship
and
smooth
over
their
relationships
with
fund
investors.
They
hired a
senior
director
of
global
fund
partnerships,
Greg
Durst,
a
former
senior
managing
director
from
ILPA,
to
“strengthen
the
firm’s
relationships”
with
fund
investors.
There’s
also
the
matter
of
etiquette,
and
K&E
embarked
upon
communication
training
for
attorneys
to
push
back
against
their
rep
for
being
difficult.
The
firm
has
also
reportedly
banned
its
attorneys
from
using
the
irksome
phrase
“We
respectfully
decline.”
A
spokesperson
for
Kirkland
said,
“Our
firm
values
the
relationships
we
have
built
within
the
funds
industry,
and
we
are
proud
of
the
trusted
counsel
and
advocacy
our
lawyers
provide
to
clients
as
they
build
partnerships
with
their
investors.”
“We
continue
to
evolve
our
business,
collaborate
with
our
counterparts,
and
provide
strong
support
for
our
clients,
including
in
the
relationships
with
their
investors,
as
market
dynamics
shift
in
the
fund
formation
process,”
they
continued.
Now,
are
the
K&E
attorneys
really
that
much
more
combative
that
others
in
the
PE
space?
Eh,
opinions
are
mixed
with
some
fund
investors
saying
the
firm
is
no
harsher
than
other
Biglaw
attorneys
and
it’s
Kirkland
&
Ellis’s
dominant
position
in
the
industry
that
makes
their
actions
a
lightening
rod.
Kathryn
Rubino
is
a
Senior
Editor
at
Above
the
Law,
host
of
The
Jabot
podcast,
and
co-host
of
Thinking
Like
A
Lawyer.
AtL
tipsters
are
the
best,
so
please
connect
with
her.
Feel
free
to
email
her
with
any
tips,
questions,
or
comments
and
follow
her
on
Twitter
@Kathryn1 or
Mastodon
@[email protected].