The supreme art of war is to subdue the enemy without fighting, but in Secondaries, the fight is on.
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Government shutdown. Stagflation. Tariffs. A softening labor market. Growing deficit. Stable coin regulations...
There’s a lot going on in the US right now and indeed within the Biglaw space.
Flying back from Sydney this past weekend had me thinking a lot about the conversations I’m having with partners around strategy, leadership and decisive action. As I reflect on these conversations, I can’t help thinking about the core messages in the Art of War – winning through strategic superiority through outmaneuvering and outthinking - and how law firms are absolutely winning at this right now!
So what does all of this mean for you as a lawyer navigating today’s market?
An Asset Class of its Own
I’ve written extensively about PE attorneys (particularly Secondaries) earning the biggest comp packages in the market. It’s been a case of victory through strategy, speed and outmaneuvering the market.
And it’s all because of this: Secondaries is no longer a niche corner of Private Equity.
It is its own asset class with growing sub classes too. Not just in the US, but Europe, too. The revenue it brings in across firms is continuing to grow (and not just by single digit percentages, we’re seeing doubling and tripling YOY, with each firm vying to get their hands on fees for the $1 trillion worth of transaction volume that took place in 2024 (more on this later).
This year, I’ve spoken to partners that tell me their Secondaries teams bring in more revenue than funds (proper) and in some cases M&A/PE. While this won't always be the case, it makes sense in certain markets given the a-cyclical nature of Secondaries.
As Secondaries continues to boom, we’re seeing increased specialization taking place across target asset classes (infra secondaries, credit secondaries, venture secondaries) and transaction types (think GP- and LP-led, single and multi-asset CVs, small cap, and even secondary secondaries or so-called “tertiaries”).
Meritocracy v. Seniority
There’s been plenty of debate about whether Biglaw is truly moving toward a meritocracy system by rewarding performance over seniority, but in Secondaries, that shift is already underway. These teams are operating more like businesses than traditional partnerships, even reworking compensation models (as we’ve seen from firms like Simpson Thacher & Bartlett LLP ). It’s a battle to ensure firms remains competitive and distinctly commercial in the changing battlefields.
Pay has also jumped at breakneck speed -- and now touches far more lawyers than ever before. Paired with aggressive poaching, it’s rewriting the economic playbook of top law firms. In 2024, Kirkland & Ellis reportedly guaranteed fixed partnership shares to select recruits, even layering in forgivable loans to seal the deal. I’ve also seen firms at the top end double partner comp packages as retention strategies, as a quick fix solution while they continue to scan the market.
A year ago, I was writing about the talent battles between Paul, Weiss, Rifkind, Wharton & Garrison LLP and Kirkland, but this year I'm seeing these battles expand across a growing list of firms (see list of key moves below).
Secondaries Remain Leaders of Partnership Comp $
Across Secondaries, I’m now seen negotiations become more akin to artists or sports contracts. It’s no secret that there are $25-$35M comp packages for the leading players in the US and UK with portable books over $100M. However, what’s less talked about are the junior Secondaries partners who have quietly negotiated packages well into the seven figures — with the right strategy and advisors behind them
How?
Sometimes, it’s simple: because the lawyer is a superstar with a strong book and marketability; but other times (as is often the case in Biglaw), it’s a strategic hiring move by the law firm to show capability in the space, to then go on and attract a Secondaries rainmaker who needs support on the ground from day 1.
“Preparation is everything” – Sun Tzu… and every parent and lawyer, ever.
When I began practicing law, these numbers were unheard of at the partner level. Since then, they’ve doubled, tripled, and even quadrupled at the elite level. A far jump from the 40% change in first year Cravath salary, which was $160,000 at the time. At the junior partner level, $2 million is the new “top end” of Cravath, and in the past 12 months, I know of at least 5 firms who have spent over $2 million to secure the very best (junior) Secondaries talent. Keep in mind these are often attorneys in their mid to late 30s, so these numbers are approaching the likes of up-and-coming NBA players like Jordan Clarkson from the Knicks, who will no doubt go on to be $50M players in years to come.
At the junior partner level, $2 million is the new “top end” of Cravath, and in the past 12 months, I know of at least 5 firms who have spent over $2 million to secure the very best (junior) Secondaries talent
This is where working with the right advisory absolutely counts. Like great lawyers, the best recruiters/advisors don’t always have all the answers at once -- but they know how to ask the right questions. What’s really driving your move? Will a change truly solve the issue, or is there more to unpack? The goal isn’t just to land an offer -- it’s to make the right move for the right reason, with a clear view of the long game. Your recruiter should be helping to deepen your thinking about your career.
The Secondaries Talent of Today
When that long game pays off, I love celebrating it. It’s one of the most rewarding parts of this job. Seeing the names on this year’s Secondaries Investor 2025 list is a reminder of just how much talent and persistence shape this market.
Congratulations to this year’s winners:
- Duncan Evans | Proskauer Rose LLP
- John Giuffre | PJT Partners
- Ryan Harpster | Blackstone Strategic Partners
- Anan Ju | Kirkland & Ellis
- Kelli Keith | CVC Secondary Partners
- Alexander Laird | Pantheon
- Ramit Malhotra | CPP Investments | Investissements RPC
- Michelle Mlacker | Ropes & Gray LLP
- James (Sangwon) Oh | Carlyle AlpInvest
- Malcolm Yong | Campbell Lutyens
Previous list winners have gone on to do incredible things with their careers...start their own funds, pull in 7-figure partner comp deals, and work on some of the most cutting edge CVs and transactions in the market.
Congratulations, also, to the following superstars who have been part of strategic moves within Secondaries this year:
- Andrew Gershon | Debevoise → Kirkland
- Semhar Woldai | Weil → Kirkland
- Amanda Butler-Jones | Akin → Proskauer
- Krishna Skandakumar and Natalia Kubik | Goodwin → Debevoise
- Alex Roggio | Kirkland → Winston & Strawn
- Joanne Mak | Kirkland → Simpson Thacher
- Simon Saitowitz | Ropes → Weil
Every Warrior Has A Price...
These outcomes have been achieved through insight, relationships and timing – and that is always key. You need to have foresight, positioning and of course, preparation. In other words, strategy before action.
“Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.” – Sun Tzu
When compensation gaps grow too wide, even the most loyal lawyers start doing the math --at some point, every warrior has a price.
However you look at it, the fight is on in Secondaries.
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Taken from BigLaw Access.
