Two Skadden M&A Stars Defect to Kirkland in ‘Shockwaves’ Move
Updated: Two top mergers and acquisitions partners at Skadden, Arps, Slate, Meagher & Flom are joining Kirkland & Ellis, the first time any M&A partner at the larger firm has leaped to a competitor.
The New York Times says the move by David Fox and Daniel Wolf is a big blow to Skadden and “likely to send shockwaves through the Wall Street legal world.” The newspaper sees the defection as possibly signaling “a broader shift in the corporate legal landscape as lawyers at large full-service firms leave for more focused, profitable shops.”
Fox and Wolf brought Skadden tens of millions of dollars in fees each year, the Times says. Fox, 51, who has been with Skadden more than 20 years, was among the firm’s highest paid lawyers. Wolf, 36, is a rising star who was promoted to partner six years before, making him one of the youngest people to obtain partnership at Skadden.
The partners jumped to Kirkland partly for the higher salaries and partly for the opportunity to build the M&A practice at the entrepreneurial firm, the story says.
One anonymous M&A lawyer at a top-ranked firm who spoke to the Am Law Daily about the defections said the two lawyers are well-respected but are not viewed as superstars. “In reality, it’s not at all a dramatic move within the M&A world,” the lawyer said.
Skadden released this statement: “David and Daniel have been members of our M&A department for many years. We wish them well in this new endeavor to help develop Kirkland & Ellis’s M&A practice.”
Updated to include Skadden’s statement and a reference to coverage in the Am Law Daily.
