In recent years, the Kirkland & Ellis have been home to many high profile attorneys for the professional hire and have been in the business for over a decade. A partner has got into a key position to retire themselves this month from the firm’s vaunted group bankruptcy. The shocking thing is that the restructuring of this company hasn’t slowed down in any manner and has been growing very well. A Kirkland spokesperson has confirmed the retirement of Richard “Rick” Cieri, a partner of the company, has retired from the Kirkland & Ellis.
During his 35 year career, “Rick” Cieri has guided many companies with the help of the chapter 11 bankruptcy proceedings and with his gain legal knowledge to help them through. Some of the international companies which were lucky to get his guidance were Trans World Airlines, Federated Department Stores and Tronox. Ceiri – a Dealmaker of the Year in 2009 for his unprecedented work on the legal bankruptcy cases of the biggest energy giant, Calpine, and chemical company Solutia. The latter we’re also advised by Kirkland in its $4.7 billion sale to the Eastman chemical in 2012, was also fairly successful.
The Reuters had reported to the media on last September that Cieri would be resigning from the partnership of Kirkland in 2015, which has happened. Even though, Kirkland doesn’t give any type of official titles to the leaders who are practicing and has not decided any age criteria for the retirement, but law states that no partner older than 60 years have the opportunity to serve its management committee. Surprisingly, Cieri was one of the top legal restructuring group partners, was billing more than $1,000 per hour for his services on regular basis.
Even as the highly paid legal advisor, Cieri is going to depart from Kirkland, one of the famous bankruptcy companies, having helped many international companies to save a great deal of money and still high in the firm and receives plenty of business that its receiving right now with the help of Cieri. The media has reported that there are many pending assignments and a huge amount of money which is going to come to Kirkland, so that they are able to be in the top list of the legal advisor companies even in the future, with the helping hand of Cieri.