jerryking + robert_smith   8

How a private equity boom fuelled the world’s biggest law firm
June 6, 2019 | Financial Times | James Fontanella-Khan and Sujeet Indap in New York and Barney Thompson in London.

Jeff Hammes took the helm at a Chicago-based law firm called Kirkland & Ellis in 2010, with the aim of turning it into a world-beater, few in the industry thought he stood a chance.......known as a good litigation firm in Chicago with a decent mid-market private equity practice, in the blockbuster dealmaking world, however, the firm was largely irrelevant. Nobody took them seriously on Wall Street.....Fuelled by explosive growth in private equity, aggressive poaching of talent and most of all, a business model that resembles a freewheeling investment bank, Kirkland has become the highest-grossing law firm in the world.....This rise reflects the shift in the financial world’s balance of power since the financial crisis. Investment banks, the dominant force before 2008, have been eclipsed by private equity firms, which now sit on hundreds of billions of dollars of investment funds.

Kirkland thrived by hitching itself to this dealmaking activity. The firm presents with a relentless — many say ruthless — focus on growth, a phenomenal work ethic and a desire to up-end what it sees as a lazy hierarchy. Key questions: can its winning streak can continue? Will its private equity clients continue to prosper? how will Kirkland cope if and when the private equity boom ends? And can a firm with such a hard-charging culture survive in the long run?....Robert Smith’s Vista Equity has grown to manage assets from $1bn to $46 in a decade while working with Kirkland.....To establish Kirkland as a major player, Mr Hammes turned his attention to recruitment. ....poaching proven M&A experts and targeting all areas of dealmaking.....To entice the best lawyers to join its ranks, Kirkland managed to exploit a structural rigidity in its more traditional white-shoe and magic circle rivals. A dwindling but still significant number of elite firms remunerate equity partners using a “lockstep” model......
Kirkland sought rising stars in their late thirties who were at the bottom of this ladder, stuck in the queue for the highest share of profits. Part of its pitch was money — “With compensation, we can go as high as we want,” says one partner — but the other part was an almost unprecedented level of autonomy.
Big_Law  booming  business_development  Chicago  compensation  concentration_risk  dealmakers  deal-making  eat_what_you_kill  financial_crises  growth  hard-charging  high-end  hiring  howto  hustle  Kirkland_Ellis  law  law_firms  litigation  mid-market  organizational_culture  poaching  private_equity  recruiting  Robert_Smith  superstars  talent  turnover  Vista  Wall_Street  winner-take-all  work_ethic  world-class 
june 2019 by jerryking
"Boss: The Black Experience in Business" Explores the History of African American Entrepreneurship Tuesday, April 23 on PBS
Apr 23, 2019 | WNET |

Tying together the past and the present, Boss: The Black Experience in Business explores the inspiring stories of trailblazing African American entrepreneurs and the significant contributions of contemporary business leaders. Stories featured in the film include those of entrepreneur Madam C.J. Walker, publisher John H. Johnson, Motown CEO Berry Gordy, and business pioneer and philanthropist Reginald F. Lewis, among others. The film features new interviews with Vernon Jordan, senior managing director of Lazard, Freres & Co. LLC.; Cathy Hughes, CEO and founder of Urban One; Ursula Burns, former CEO of Xerox and chairman of VEON; Ken Frazier, chairman, president and CEO of Merck & Co., Inc.; Richelieu Dennis, founder, CEO and executive chairman of Sundial Brands; Robert F. Smith, chairman and CEO of Vista Equity Managing Partners, LLC; Earl "Butch" Graves, Jr., CEO of Black Enterprise; and John Rogers, CEO and founder of Ariel Investments.

As a capitalist system emerged in the United States, African Americans found ways to establish profitable businesses in numerous industries, including financial services, retail, beauty, music and media.
African-Americans  Berry_Gordy  C.J.Walker  CEOs  documentaries  entrepreneur  entrepreneurship  filmmakers  founders  historians  history  inspiration  Kenneth_Frazier  Lazard  Merck  moguls  PBS  Reginald_Lewis  Robert_Smith  storytelling  trailblazers  Vernon_Jordan 
april 2019 by jerryking
The Disrupters: Making New York’s Cultural Boards More Diverse
JULY 30, 2016 | The New York Times| By JACOB BERNSTEIN.

But Dr. Muhammad, the former director of the Schomburg center, cautioned against seeing Mr. Smith’s entry into New York cultural life as a sign that things will change in a meaningful way.

“White people are going to be wealthier on average, wealthier people are going to be in leadership positions more often, and in those positions they’re likely to be part of a network of people in the same social milieu,” Dr. Muhammad said. “There’ll continue to be people like Robert Smith, who happen to be African-American and do wonderful things, but there’s a giant wealth gap between blacks and whites, and it’s only widened in the wake of the great recession. Is this a sign of a trend that black people will be the heads of boards all over the country? I doubt it.”
Darren_Walker  glass_ceilings  African-Americans  high_net_worth  cultural_institutions  boards_&_directors_&_governance  diversity  New_York_City  museums  lawyers  investment_banking  Wall_Street  Harvard  Robert_Smith  racial_disparities 
august 2016 by jerryking
At Carnegie Hall, a New Leader With a Son Named Hendrix - The New York Times
By MICHAEL COOPER and DAVID GELLESJUNE 2, 2016
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Robert_Smith  private_equity  African-Americans  New_York_City  philanthropy  leaders 
august 2016 by jerryking

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