Kirkland & Ellis’ much-vaunted assault on the City’s private equity market has suffered a blow as news emerged of the resignation of one of its high-profile recruits, Raymond McKeeve.
McKeeve is set to leave the US firm for a role outside the law two years after joining from Linklaters along with private equity chief Graham White in one of the most high profile team hires by a US firm in London.
The move comes following claims internally and from rivals that Kirkland’s London M&A team was struggling to build a profile in the European buy-out market and that the office has been dogged by cultural tensions in recent years.
Kirkland had until last week been saying that it expected McKeeve to continue with the firm, stressing it was happy with the UK team’s performance.
However, Kirkland today (4 March) confirmed that McKeeve had resigned, saying the firm had been in “extensive discussions” regarding his future for some time. McKeeve has agreed with Kirkland that he will leave the firm once he has completed his current work.
Kirkland London head Jim Learner (pictured) told Legal Week: “We’re happy with [White and McKeeve’s] performance and client relationships. I am sad to see Raymond leave but I’m glad that Graham continues to be a partner here.”
In a statement McKeeve commented: “Having focused on private equity in the legal arena for 14 years and having established successful practices at Linklaters and Kirkland, I felt it was time for me to take up another challenging role having been presented with a number of opportunities in industry.
"I have been fortunate to have been involved in the development of the private equity industry in the UK over the last two decades and to have worked with top quality investors, management teams and other advisers many of whom are now close friends."
White commented: “I am sorry that Raymond has decided to work outside the law. Having worked with him for the past 14 years I have no doubt that he will be extremely successful. He will be sadly missed.”
Editors' Blog: 'An eerily familiar departure and bad news for Kirkland'
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