Before you start coming for me in the DMs, yes, I'm a Kirkland & Ellis alumnus, so there may be some bias here.

However, these newsletters have always reflected my own observations of the market, and there's a pattern in Secondaries that is increasingly difficult to ignore.

Over the past few weeks alone we've seen another wave of major partner announcements across both New York and London.

Among them:

  • Robert Emerson joining Latham & Watkins in New York
  • Rhett McPhie joining Fried Frank in London
  • Corey Dietrich joining Weil, Gotshal & Manges in New York

None of these moves are surprising on their own.

But when you zoom out and map the talent across the global Secondaries ecosystem, something interesting appears.

An extraordinary number of the lawyers now running some of the most successful Secondaries practices share a common origin: Kirkland & Ellis.

Not just as a stop on the résumé. But as the place where many learned how to truly run these deals: negotiating the "Kirkland way," navigating sponsor dynamics, structuring GP-led liquidity solutions, and understanding where real value is created (and captured) in these transactions.

To be clear, this isn't to say the market was built only by Kirkland lawyers. That would be extremely naive.

Firms like Simpson Thacher, Debevoise, Davis Polk, Gibson Dunn, Proskauer, and Ropes have all produced exceptional Secondaries talent and built impressive practices.

But the movement of lawyers across the market tells a fascinating story.

The Alumni Map

Since my time practicing, many of the Partners that I worked for have left Kirkland to build or expand Secondaries platforms elsewhere.

A few examples from recent years:

Different firms. Different mandates. But often the same early Partner 'training ground'.

What's interesting to me isn't simply where these lawyers landed. It's what many of them have gone on to build.

In several cases these moves weren't about joining established practices.

They were about anchoring or building new secondaries platforms. Teams that now compete directly for some of the most complex GP-led transactions in the market.

For Kirkland, this naturally creates competition.

But for the market overall, the effect has largely been positive.

Clients now have more options. Associates and partners have greater leverage.

And firms across the industry have accelerated investment into Secondaries as one of the most strategic growth areas in private markets law.

The market is still expanding. My view is that this gives Kirkland room to develop new talent even as some partners leave.

Why They Leave

People often ask why so many top Secondaries lawyers eventually leave Kirkland.

The obvious answer is money. But to be clear, Kirkland does not underpay.

In many cases the firm has made very serious counteroffers when partners are approached.

Some stay. Many still decide to move: for equity, for culture, for platform.

The deeper explanation lies in the culture the firm created.

Kirkland is an intensely entrepreneurial platform.

It teaches lawyers not just the legal mechanics of transactions, but how value is generated within them. I think it also attracts entrepreneurial people.

Once you understand that, you inevitably start asking bigger questions:

  • Am I capturing enough of what I'm generating?
  • Am I building something that is truly mine?

For many, these answers lead them to stay and carve extraordinary practices inside the firm.

Partners like Sean Hill, Mark Boyagi (NYC), and Ted Cardos and Aleks Bakic (London) are clear examples of individuals who have built and expanded the powerful Secondaries platforms within Kirkland itself.

But for others, the calculation shifts and the trade-off becomes:

  • elite platform → personal franchise
  • institutional security → entrepreneurial upside
  • operating within the system → building one elsewhere

I believe that Secondaries, perhaps more than any other practice area, rewards that move.

The Bigger Signal for the Market

Ultimately this isn't about one firm winning or losing talent.

Across the industry there are outstanding Secondaries practices, each with their own culture and strengths. This isn't about diminishing their success.

What this pattern reveals instead is something more structural: where the center of gravity in modern Secondaries was formed.

Many of the lawyers now running highly profitable practices across London and New York share the same early training ground.

The Kirkland Effect is clearly visible across the market.

The real question is whether it will remain that way.

Competing firms are investing heavily in their own Secondaries capabilities.

A growing number of ranked partners across both the US and Europe are now training the next generation of lawyers who will shape the market's future.

And the talent map may look very different five years from now.

The Secondaries Effect

Secondaries remains one of the most entrepreneurial and dynamic areas of private markets law.

At GPS Advisory, it's an ecosystem we're fortunate to watch from the front row.

And if the last few years tell us anything, it's this:

In Secondaries, the deals may move firms, but the playbook tends to travel with the lawyers.

Find out how GPS supports law-firm searches and team build-outs and individual and team moves for partners.

~Stef

Stefano grew up in Australia where he practiced as a Corporate and Funds Lawyer, before moving to the US to work in Secondaries. He is now a Partner at GPS Advisory, specializing in PE, Finance, Funds, and Secondaries search.