Blackstone trims Kirkland legal fees to $87m in 2025

Blackstone paid Kirkland & Ellis approximately $87.8 million in legal fees in 2025, according to its latest annual report filed with the US Securities and Exchange Commission.

Although down on the $101.3 million paid in 2024, the figure remains significantly higher than earlier years in the disclosure record.

‍Fees jump

The private capital giant reported paying Kirkland $41.6 million in 2023 and $53.4 million in 2022, meaning the 2025 total is roughly double the 2023 level. In 2021, the firm paid $69.6 million.

The steep increase in 2024 came amid a broader rebound in large-cap private equity dealmaking after a subdued 2022 and 2023, when higher interest rates weighed on activity.

Kirkland acted for Blackstone on several major mandates over the past two years, including its 2024 acquisition, alongside CPP Investments, of Australian data centre operator AirTrunk in a deal valued at approximately A$24 billion, and its 2025 agreement with TPG to acquire US medical technology company Hologic for up to $18.3 billion.

Why it is disclosed‍

The payments are disclosed because Reginald J. Brown, a partner at Kirkland, has served as a member of Blackstone’s board of directors since 2020. Under US securities rules, public companies must report certain related-party transactions involving directors in their annual filings.

In each of the past five reports, Blackstone has stated that its relationship with Kirkland pre-dates Brown’s appointment to the board and that the firm has been engaged “from time to time in the ordinary course of business” to provide legal services to Blackstone and its subsidiaries.

Blackstone also said that Brown’s interest in the fees is estimated to be less than 1% of the total paid to Kirkland in each relevant year. He “does not receive any direct compensation, specific origination bonus or other disproportionate allocation” from the legal fees Blackstone pays to the firm.