Key Takeaways
- • Edward Coates has departed Latham & Watkins after nearly five years to join Kirkland & Ellis's secondaries team in London, marking a competitive talent acquisition in the legal services sector.
- • This hire occurs against a backdrop of recent secondaries partner departures from Kirkland, including Rhett McPhie to Fried Frank and Charles Cooper-Isow to Weil Gotshal & Manges earlier in 2026, indicating active poaching across major legal firms.
- • The recruitment reflects ongoing competition between elite law firms for secondaries expertise, a specialized practice area servicing private equity and alternative asset managers seeking to acquire fund stakes and secondary portfolios.
- • Kirkland & Ellis maintains substantial market presence in secondaries, having been involved in 288 transactions totaling more than $172 billion, positioning the firm as a market leader despite recent partner exits.
Summary
Edward Coates has joined Kirkland & Ellis's secondaries practice in London following his departure from Latham & Watkins, where he spent nearly five years. The move represents a direct acquisition of specialized legal talent in the secondaries space, a high-value practice area serving private equity funds, institutional investors, and alternative asset managers engaged in secondary market transactions.
The hire underscores intensifying competition for secondaries expertise among major international law firms. Kirkland has experienced recent partner departures in this practice area, with Rhett McPhie moving to Fried Frank and Charles Cooper-Isow joining Weil Gotshal & Manges earlier in 2026. These departures signal that secondaries specialists remain in high demand and command significant market value as firms seek to strengthen or rebuild their alternative asset practices.
Despite recent talent losses, Kirkland maintains a commanding position in the secondaries market. The firm has demonstrated substantial transaction volume, with involvement in 288 secondaries deals representing more than $172 billion in value, establishing Kirkland as a recognized leader in the sector internationally. The Coates acquisition appears designed to offset recent partner departures and maintain competitive capacity in a practice area critical to serving institutional and alternative investment clients.
The talent movement reflects broader market dynamics in which elite legal service providers compete aggressively for partners with specialized expertise in high-growth practice areas. Secondary market transactions have expanded significantly as institutional investors and fund managers seek liquidity and portfolio optimization, making legal expertise in this domain increasingly valuable. The ongoing recruitment activity suggests sustained demand for secondaries legal services and continued pressure among leading firms to maintain and expand their practice capabilities.
The hire underscores intensifying competition for secondaries expertise among major international law firms. Kirkland has experienced recent partner departures in this practice area, with Rhett McPhie moving to Fried Frank and Charles Cooper-Isow joining Weil Gotshal & Manges earlier in 2026. These departures signal that secondaries specialists remain in high demand and command significant market value as firms seek to strengthen or rebuild their alternative asset practices.
Despite recent talent losses, Kirkland maintains a commanding position in the secondaries market. The firm has demonstrated substantial transaction volume, with involvement in 288 secondaries deals representing more than $172 billion in value, establishing Kirkland as a recognized leader in the sector internationally. The Coates acquisition appears designed to offset recent partner departures and maintain competitive capacity in a practice area critical to serving institutional and alternative investment clients.
The talent movement reflects broader market dynamics in which elite legal service providers compete aggressively for partners with specialized expertise in high-growth practice areas. Secondary market transactions have expanded significantly as institutional investors and fund managers seek liquidity and portfolio optimization, making legal expertise in this domain increasingly valuable. The ongoing recruitment activity suggests sustained demand for secondaries legal services and continued pressure among leading firms to maintain and expand their practice capabilities.
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