$7 million guaranteed? No thanks. BOSS.
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Poast new message in this thread
Date: January 28th, 2015 4:35 PM Author: odious hall chad
http://www.americanlawyer.com/top-stories/id=1202716144338/Top-Female-Rainmaker-Leaves-Kirkland-for-Paul-Weiss?mcode=1202615731542&curindex=0
Taurie Zeitzer, a leading M&A lawyer who joined Kirkland & Ellis just over two years ago from Latham & Watkins, is taking her private equity expertise to Paul, Weiss, Rifkind, Wharton & Garrison, The Am Law Daily has confirmed.
According to two sources with knowledge of her hire, Zeitzer had just completed a two-year guarantee at Kirkland that paid her $6 million to $7 million a year. That guarantee had recently been re-upped for another two years.
The Am Law Daily reached out to Zeitzer at Paul Weiss but did not hear back. Paul Weiss confirmed her hire but declined to comment, and Kirkland did not have a comment at press time.
Zeitzer, 42, is among the top women M&A lawyers in New York and her loss comes as a big blow to Kirkland. In the past year, she has handled several big deals for New York-based private equity giant Apollo Global Management—a client she has built a relationship with over the past 15 years and with which Kirkland didn’t have a relationship until Zeitzer’s arrival from Latham in August 2012.
Zeitzer’s work for Apollo at Latham saw her advise the buyout firm on its $1.4 billion acquisition of Belgian chemical firm Taminco in 2011, as well as representing Taminco on its subsequent $1.8 billion sale to Eastman Chemical last fall after she moved to Kirkland. She also counseled Apollo-backed Verso Paper on its $1.4 billion buy of NewPage Holdings a year ago this month.
Zeitzer was lead adviser to Apollo on its ultimately unsuccessful bid for Petsmart in December, according to two sources involved in the matter. Other key Zeitzer clients include Searchlight Capital Partners, BC Partners and the Canadian Pension Plan Investment Board, according to her biography page on Kirkland's website.
Zeitzer was touted as one of Kirkland’s top hires in a May 2013 cover story about the firm by The American Lawyer. The firm’s chairman Jeffrey Hammes has been focused on bringing aboard high-profile laterals like Zeitzer, particularly in premium practices such as private equity. (Kirkland also hired Simpson Thacher & Bartlett M&A partner Andrew Calder last year, for instance, to strengthen its ties to buyout giant KKR.)
Of course, Apollo—an investment fund that recently reported having $164 billion in assets under management that has been particularly active recently in selling and buying companies—is not Kirkland’s only large private equity client. The firm has done deals for Bain Capital Management LLC, Apax Partners LLP, Oaktree Capital Management and Madison Dearborn Partners in recent years. But for the most part, Kirkland has traditionally had a middle-market private equity client base.
In New York, Zeitzer ranks among the elite women dealmakers, a list that includes the likes of Cravath, Swaine & Moore's Faiza Saeed; Gibson, Dunn & Crutcher's Barbara Becker; and Skadden, Arps, Slate, Meagher & Flom's Martha McGarry. All are several years older than Zeitzer, who is one of the only few star women transactional partners at Kirkland. The firm saw another of its female M&A stars in Kimberly Taylor—whose clients included London-based Apax Partners—leave in 2011. (Taylor, now the University of Chicago’s general counsel, was featured in our January 2011 cover story on top women lawyers in the private bar under age 45.)
Zeitzer’s work for Apollo began early in her career, while she was at O’Sullivan Graev & Karabell, a New York boutique known for its private equity transactional work that was eventually absorbed into O’Melveny & Myers in 2002. As a second-year associate, she told legal newswire Law360 in 2013 that she ran the due diligence process on a complex carve-out acquisition in the chemicals sector, beginning what would be a 15-year relationship with Apollo.
Zeitzer worked closely with John Suydam, a former chair of O’Sullivan who went on to head O’Melveny’s M&A group before leaving in 2006 to become Apollo’s chief legal officer. He continued to steer work to Zeitzer after the move. O’Melveny elevated her to partner in 2007, at age 36, but she left seven months later for Latham.
O’Melveny environmental practice head Eric Rothenberg, who has worked with Zeitzer on numerous Apollo deals since she was an associate, calls Zeitzer "a 24-7 player, a senior private equity deal leader with expertise in the chemicals sector" known for her calm but forceful demeanor. Zeitzer's at the point of her career where she's consulted by her clients at the deal consideration phase, he adds—in contrast to most outside counsel, who are generally called once a decision to go forward with a transaction is made. In the deal setting, she's most often the only woman lead adviser in the room, Rothenberg notes.
Zeitzer’s latest move comes nearly four years after Paul Weiss raided O’Melveny for seven corporate and transactional partners, many of whom also continue to do work for Apollo. The firm counts Apollo among its most active and largest clients, advising it on the close of its latest $17.5 billion fund last January, as well as representing it on its $2.5 billion acquisition of McGraw Hill’s education unit in 2012, among others.
Meanwhile, Kirkland is continuing its frantic pace of lateral hires, announcing Monday that Michael Beinus has joined the firm’s Los Angeles office as a partner in its tax practice. Beinus comes aboard from Skadden and has represented various real estate investment trusts and funds, including Starwood Hotel and Resorts Worldwide; Nationwide Health Properties; Apartment Investment and Management Company and REITs affiliated with Deutsche Bank/RREEF, The Blackstone Group, Pimco, Carmel Partners, BlackRock Realty Advisors and Colony Capital, according to his website bio at Skadden. In 2011, The Am Law Daily reported he was part of a Skadden team advising Nationwide Health Properties on its $7.4 billion acquisition by Chicago-based REIT Ventas.
Kirkland also recently brought on Arnold & Porter labor and employment litigation partner Matthew Keiser in Washington, D.C. But the firm did see Stephen Fraidin, a senior M&A partner who joined the firm more than a decade ago from Fried, Frank, Harris, Shriver & Jacobson, recently depart to become vice chairman of Pershing Square Capital Management, the activist hedge fund run by longtime client William Ackman.
Paul Weiss has also seen departures. In December, the firm saw the chair of its media and entertainment group James Schwab leave to become copresident of Vice Media.
(http://www.autoadmit.com/thread.php?thread_id=2794150&forum_id=2#27204528) |
Date: January 28th, 2015 4:42 PM Author: pearl business firm telephone
that is quite a career arc. i don't think anyone at my biglaw firm under 60 has a client like Apollo worth a $7mm annual guaranteed payout.
(http://www.autoadmit.com/thread.php?thread_id=2794150&forum_id=2#27204559)
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Date: January 28th, 2015 5:13 PM Author: Thirsty reading party
that is fine when you are talking about some dood who is making 1mm to 1.5mmm to 2mmm
here its probably more like 1.1mm to 3mm to 6mm to 9mm.
No one in her class year at any of these firms makes as much as she does. It's probably a political nightmare for the managing partner to deal with all the feeling hurt azn partners who are getting paid 975k a year at her level. So they push back and other firms are willing to pay a ton more. I don't think she had a choice.
(http://www.autoadmit.com/thread.php?thread_id=2794150&forum_id=2#27204709) |
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Date: January 28th, 2015 5:23 PM Author: Thirsty reading party
$$$$$$$$ drives everything. Mgmt committee needs to balance this girl's profitability with pissing off all the butthurt aznpartners. If you make the effort to balance, you can, on balance, do so. The pay hike from Paul Weiss, though probably pushed them over the edge and they couldn't match. Or maybe it was something different, like letting her take 33% of her billables, which they just couldn't do because it would easily open it up for the butthurt azns to be like "you pay me 975k, but 33% would be 1.3mm! i want my 1.3mm!"
having been in biglaw i think this is all much more likely than someone saying "uh, hey, i know we paid you 13mm over the last two years and just reuped your guarantee, but we actually think you are annoying so pls leave."
(http://www.autoadmit.com/thread.php?thread_id=2794150&forum_id=2#27204756) |
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Date: January 28th, 2015 5:40 PM Author: Irate useless brakes
there's this from the article:
"Zeitzer’s latest move comes nearly four years after Paul Weiss raided O’Melveny for seven corporate and transactional partners, many of whom also continue to do work for Apollo. The firm counts Apollo among its most active and largest clients, advising it on the close of its latest $17.5 billion fund last January, as well as representing it on its $2.5 billion acquisition of McGraw Hill’s education unit in 2012, among others."
maybe she wanted to be with her old team? that and a pay match or slight pay bump might've been sufficient. or maybe her sugar daddy gc at Apollo advised her to move, since they're already doing a lot of work with PW.
(http://www.autoadmit.com/thread.php?thread_id=2794150&forum_id=2#27204835) |
Date: January 28th, 2015 5:10 PM Author: Aphrodisiac jade idiot
Jew. Female.
That is all that is needed to understand this.
(http://www.autoadmit.com/thread.php?thread_id=2794150&forum_id=2#27204693) |
Date: January 28th, 2015 5:14 PM Author: Talented spruce garrison
the poasts ITT are MAF.
OMG she left for more money - what a cunt!
(http://www.autoadmit.com/thread.php?thread_id=2794150&forum_id=2#27204711) |
Date: January 29th, 2015 1:15 AM Author: Peach irradiated theater mother
if she won the lottery she wouldnt need to work.
winning the lottery wouldve been a better deal for her.
(http://www.autoadmit.com/thread.php?thread_id=2794150&forum_id=2#27207716)
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