Kirkland & Ellis’s hire of David Higgins from Freshfields redefined the economics of private-equity law in London. I look back at how one move shifted market power, pricing, and what it means for the next generation of sponsor dealmakers.
Every market has a moment that changes the rules. For London’s private-equity legal scene, it came when Kirkland & Ellis hired David Higgins from Freshfields.
It wasn’t just another lateral move, it was a statement of intent.
Why it matters
The idea that a Magic Circle heavyweight would cross the Atlantic divide to join a Chicago-born US firm was extraordinary. Kirkland had been building quietly in London, but Higgins’ arrival was the proof of concept, the signal that sponsor clients could follow relationships, not brands.
From my perspective as a headhunter working with firms on both sides of the Atlantic, the logic was clear. Kirkland wanted to own sponsor coverage in Europe the way it already did in the US. To do that, it needed credibility at the very top of the market. Higgins brought exactly that: technical excellence, sponsor access, and the trust of the buy-side community.
The economics of disruption
Let’s be honest,the number that leaked got everyone’s attention. The rumoured £8-million package made headlines, however the package is a sign of the times, Watson Reynolds predicts 8-figure packages will be commonplace amongst the elite firms for high-calibre originators within the next 3-5 years.
By paying at that level, Kirkland re-priced the value of origination power. It signalled to every ambitious partner that if you control the client relationships, Bain, EQT, Advent, BC Partners, you control the economics.
That single move reset the London compensation market almost overnight.
The cultural shock
Inside the City, there was disbelief. Freshfields was a symbol of stability; Kirkland, by contrast, was fast, flexible, and unapologetically commercial.
For many Magic Circle partners, the move was both unthinkable and, quietly, enviable. It validated the idea that talent could transcend firm culture. You didn’t have to inherit a platform, you could build one.
How Kirkland used the moment
Kirkland didn’t just buy a partner, it bought a playbook.
The firm built aggressively around Higgins, doubling down on sponsor coverage, leveraged finance, and fund formation. It turned the London office from an ambitious outpost into a core engine of global deal flow.
From a headhunter’s lens, it was a case study in how to scale around one strategic hire. Identify a true originator, pay the premium, and let them attract like-minded talent. The partners who followed didn’t need persuading, they came for the model.
The ripple effect
Every major firm in London recalibrated.
Freshfields rebuilt its sponsor team with a more agile structure.
Latham accelerated its push into mid-market private equity.
Goodwin, Paul Weiss, and White & Case all began hiring with transatlantic intent.
The market moved from legacy relationships to entrepreneurial ecosystems almost overnight.
Looking back now, most of what defines the London sponsor market in the 2020s — autonomy, flexibility, economics linked to origination — can be traced back to that single move.
My take
When Kirkland hired David Higgins, it didn’t just poach a partner. It imported a mindset, one that said scale matters less than focus, and compensation should follow value, not tradition.
It was the moment the London private-equity market grew up.
And for those of us advising firms through that evolution, it remains the clearest example of how one lateral hire can rewrite an entire market’s rulebook.