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Kirkland's Coates hire underscores secondaries structuring as a growth vertical; expect competing firms to counter-recruit and pricing pressure to surface in mid-tier mandates.
$130 billion
in 2024 alone
$80 billion
in GP-led secondaries since 2022
14.2 years
up from
11.6 years
in 2019
Kirkland & Ellis recruited Edward Coates from Latham & Watkins to bolster its secondaries and liquidity solutions practice, the latest lateral in a legal arms race for structuring talent in a market where secondary transaction volume exceeded $130 billion in 2024 alone. Coates, who spent seven years at Latham advising on continuation funds and structured exits, joins a K&E platform that has closed more than $80 billion in GP-led secondaries since 2022.
The hire follows a year in which secondaries deal flow grew 22% year-over-year, driven by aging portfolios across vintage 2015-2018 funds and limited partners demanding earlier liquidity. Coates specialized in single-asset continuation vehicles and preferred equity structures—precisely the instruments GPs now deploy to extend hold periods without returning capital. His departure leaves Latham with three dedicated secondaries partners; Kirkland now fields nine, concentrated in New York, London, and Hong Kong.
The timing reflects structural pressure in private markets. Median fund life has stretched to 14.2 years, up from 11.6 years in 2019, while traditional IPO and strategic exit windows remain narrow. GP-led deals accounted for 57% of all secondaries volume in 2024, a share that has doubled since 2020. Kirkland's expansion positions the firm to capture mandates from sponsors who need bespoke liquidity solutions but lack in-house structuring expertise. The firm advised on 34 of the 50 largest continuation funds last year, a concentration that typically compounds as anchor investors gravitate toward proven counsel.
Allocators should watch for knock-on hires at Simpson Thacher and Paul Weiss, both of which have fielded inquiries from midweight private equity shops seeking secondaries counsel. Latham will likely promote from within or recruit from Ropes & Gray, which lost two secondaries partners to in-house roles in late 2024. The pattern suggests the secondaries legal market is segmenting by deal size: $500 million+ mandates consolidate at Kirkland and Latham, while regional shops and emerging managers bid for mid-tier talent. Expect pricing tension in Q2 as funds accelerate continuation vehicle launches ahead of the summer fundraising window.
Coates starts April 7. Kirkland declined to disclose compensation but industry comparables for lateral partners with his profile range from $4.5 million to $6.8 million annually, excluding origination bonuses tied to new client capture.
Branded by POPS4 · proof in 60 seconds
For the principal
Monitor continuation fund terms in portfolio companies; legal concentration at Kirkland may tighten negotiating leverage for smaller sponsors.
For the operator
Track Latham's replacement hire and Simpson Thacher's response; pricing dynamics for secondaries counsel will compress margins on sub-$500M deals.
For the house
Flag clients considering single-asset CVs; Kirkland's bench depth now tilts negotiation posture in documentation—route complex structures accordingly.
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