John Budetti, the prominent funds partner hired by Paul Hastings from Kirkland & Ellis in April 2023, has left the firm. Budetti had joined Paul Hastings last year in New York as the global chair of its investment funds and private capital practice.
Budetti and Paul Hastings came to a mutual and amicable separation, effectively immediately, said Veronica Jung, Budetti’s attorney, in a statement Thursday.
Sources familiar with the circumstances of his exit told Law.com that Budetti “left to pursue personal opportunities and will not join another law firm or start his own practice.”
Budetti was not available for comment. Jung, a lawyer who focuses on employment disputes and runs her own firm, VSJung Law, declined to comment on Budetti’s next steps and why he left Paul Hastings. His LinkedIn profile now states that his profession is “full-time parent and provider of market insights,” as well as an “advocate for people with disabilities.”
Budetti had been at Kirkland for over 17 years before he left for Paul Hastings last year. In an interview with Law.com at the time he moved to Paul Hastings, he said he and the firm believed that “five current and former Kirkland partners” would be joining him there.
It’s not clear how many partners from Kirkland ultimately joined him. A Paul Hastings spokesperson declined to comment on what other partners joined him, what led to Budetti’s exit, and who would succeed him as the global chair of funds and private capital.
In his interview with Law.com in April 2023, Budetti said that part of the reasoning for his move to Paul Hastings was the ability to “build” something and secure a solid platform for his clients.
“Going forward, it has to be targeting key players in the industry that fill a strategic need at Paul Hastings in the investment funds space,” Budetti said about building talent in the group. “And that is what we are going to focus on. That is what clients need. We need to be able to meet 100% of their expectations, not 95% of them.”
His move from Kirkland was heralded as a significant lateral play. The firm said at the time that he had carved a niche out working with private equity firms managing larger amounts ($30 billion) of assets. His arrival at the firm was also praised by firm chair Frank Lopez.
“The arrival of John and the premier investment funds team—together with our strong existing funds platform—furthers our goal of representing our asset management clients on their most important and complex matters across a broad range of asset classes and practices,” Lopez said in a statement in April.
Budetti started his legal career at now-defunct Dewey Ballantine in 2005 before moving to Kirkland as an associate in August 2006, according to his LinkedIn profile. He was elevated to partner in October 2010, where he remained until leaving for Paul Hastings in April 2023.