Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Jon A. Ballis P.C. We have encountered an error and are unable to send your message at this time. Missing Crain's in print? Jon Ballis is on Facebook. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? Why? And the misconception of who we are is not helpful to our institution.. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Kirkland, along with some other out-of-town firms like Sidley Austin and Latham & Watkins, has used aggressive lateral recruiting to draw from New Yorks dealmaking talent pool. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Law firm Kirkland & Ellis, in one of downtown's largest office leases in years, said Monday it will move to the Salesforce Tower Chicago under construction at Wolf Point. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. Log in to access all of your BLAW products, Wachtell Dealmaker Edward Lee Jumps to Kirkland in New York (1), How Kirkland Partners in Name Only Live in Limbo, M&A Power Wachtell Could be Last True Law Partnership, Deal lawyer Edward Lee recruited by Kirkland & Ellis, Firm appears to continue aggressive lateral hiring strategy under new chairman. Copyright 2023 ALM Global, LLC. Jon Ballis became Chairman of Kirkland & Ellis in 2020.He led the opening of the firm's Boston office in 2017 and is recognized as a leading private equity attorney in the U.S. Jon is also the Co-Founder of the Vision for Tomorrow Foundation, an organization that supports children with visual impairments, and serves on the board of the Anti-Defamation League . LexisNexis and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information. in Trial Advocacy, A Corporate Counsel Guide to Successful Contract Lifecycle Management, Women, Influence & Power in Law UK Awards 2023, Legalweek Leaders in Tech Law Awards 2023, COMMERCIAL FINANCE ATTORNEY - CT OFFICES; REMOTE will be considered, AARONSON RAPPAPORT FEINSTEIN & DEUTSCH, LLP, Understanding the Las Vegas Crime Rate with Attorney Tony Sgro, Introducing Virginia Ivanova, Esq. Visit the website for Jon A. Ballis P.C. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. But theres good reason to believe the firm did even better in 2021, considering that it set a record for activity levels in its M&A practice, according to data compiled by Bloomberg. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Jon Ballis is Chairman of Kirkland's Executive Committee. Please consider subscribing to Crain's. I will tell you with full candor, I see tremendous opportunity and upside.. About; Map. Law Tech. Chicago Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms financials, staffing, clients, news and events. Today, only two major law firms maintain a pure lockstep model. The old math was: one partner has a book of business. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Jon Ballis's Email & Phone Number Chairman @ Kirkland & Ellis LLP. Morning Docket Morning Docket: 12.12.18 . Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. If Ballis can replicate those growth rates over another 10-year period, hed be leading a law firm thats bringing in more than $14 billion a year and paying its average shareholding partner more than $10 million a year. or Please use the print button to print this profile page. The 5'6" point guard was known for passing and out-working everybody on the court, according to his high school teammate, Jon Gray, who is now a client and chief operating officer at Blackstone Inc., one of the largest alternative investment management companies in the world. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . It works with more than 450 private equity firms 430 Kirkland's equity partners. Expert Focus. Articles. Partners at the firm took home $6.3 million on average in 2019, more than any other U.S. firm, according to the latest AmLaw rankings. 130 E. Randolph St. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. personalising content and ads, providing social media features and to And if you dont want to work together, were not your kind of firm.. The original version of this story was published on International. Up-and-coming Cravath partner Sarkis Jebejian, whose client list includes Accenture, Bain Capital and Northrop Grumman, joined Kirkland in 2012, followed by Jonathan Davis in 2016 and Eric Schiele in 2018. USA: Regional Spotlight. He liked how private equity clients expected him to solve their problems, rather than just offer advice. High-quality journalism isn't free. While Ballis admits Kirkland demands much of its people, his argument that the firm is misunderstood boils down to this: He says its been working to ferret out selfish, greedy behavior for more than a decade. We can destroy everybody else, and lets actually go destroy other people.. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Jon Ballis is Chairman of Kirklands Executive Committee. Hes someone who makes you want to run through walls and he does it by earning it, David Hutchins, a former Kirkland lawyer whos now a client at Bain Capital, said of Ballis. 2, with equity partners making an average of $5.2 million. And the misconception of who we are is not helpful to our institution., To contact the reporter on this story: Roy Strom in Chicago at rstrom@bloomberglaw.com, To contact the editors responsible for this story: Cheryl Saenz at csaenz@bloombergindustry.com; Bernie Kohn at bkohn@bloomberglaw.com; Chris Opfer at copfer@bloomberglaw.com. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? The tenure-based compensation system used by elite firms like Cravath since the 1970s was branded lockstep. Firms advertised it as crucial to their willingness to pick the right lawyer for every job without arguing over pay. He now faces the challenge of driving success while competition for top legal talent is fierce. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Learn more about a Bloomberg Law subscription. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. He promised them more control over their futures, and doubled or tripled their salaries. Crain's Chicago Business named Kirkland & Ellis partners Jon Ballis, Mark Filip, Asheesh Goel, Andrew Kassof and Linda Myers to its list of "Notable Gen X Leaders in Law." The list honors attorneys between the ages of 40 and 55 serving in a senior leadership role at their respective firms. The American Lawyer has also named Kirkland to its A-List for 10 years running. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. The old math was: one partner has a book of business. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Because Jon was so driven and cared so much and was a tenacious competitor.. There was no vote; he was the consensus choice. Over his 30-year career, he has been recognized as one of the leading private equity M&A attorneys in the United States and has represented many of the worlds leading private equity firms. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Jon Ballis . Site Map, Advertise| https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Big Law firms are facing a retention crisis and Kirkland is no exception. If Ballis can replicate those growth rates over another 10-year period, hed be leading a law firm thats bringing in more than $14 billion a year and paying its average shareholding partner more than $10 million a year. While Ballis admits Kirkland demands much of its people, his argument that the firm is misunderstood boils down to this: He says its been working to ferret out selfish, greedy behavior for more than a decade. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. You see what type of lawyer he is and you want to be that.. The surge in demand has forced Kirkland into a hiring binge during a year in which the 50 largest firms saw compensation costs soar 16.5%, according to Citi Private Bank. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. To Hammes, it meant young, talented partners could feel stymied. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. For questions call 1-877-256-2472 or contact us at [emailprotected], Perkins Coie Lays Off 58 Business Professionals, Cravath Set for English Law Debut with Shearman Double Partner Hire, AI Has Gone Mainstream. Use my voice at the Firm to address DEI issues and expand opportunities for those attorneys who have been historically underrepresented in the legal industry, including people of color, women and members of the LGBTQ+ community . In his role, Jon is responsible for establishing and executing upon Kirklands strategic priorities, including advancing business initiatives and promoting a culture of performance, collaboration and collegiality. Click below to see everything we have to offer. This sky-high profitability coupled with the firms merit-based compensation system, which allows them to pay certain rainmakers more than those at a lockstep firm, has proven potent. We support credit card, debit card and PayPal payments. (Bloomberg) Kirkland & Ellis chairman Jon Ballis holds a trump card in the legal industrys desperate battle for talent: he can pay more than just about anybody else. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Click here to get the full experience on your screen. More than 325 of its associates left in 2021up more than 70% from 2020, according to data from Leopard Solutions and a Bloomberg Law analysis of LinkedIn profiles. Because Jon was so driven and cared so much and was a tenacious competitor.. For a full comparison of Standard and Premium Digital, click here. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Kirkland & Ellis new chairman Jon Ballis has wasted little time making his mark, poaching a rising star dealmaker away from one of Big Laws most untouchable firms this week, despite a global pandemic slowing the economy and scaring rivals away from making big-dollar hires. In making your comments, please do not refer to a pending legal matter. Check if your Law Offices of Gary Martin Hays & Associates Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. During his career, Jon has handled matters on behalf of many of the leading private equity firms in the country, including Bain, Blackstone, Centerbridge, Cerberus, Hellman & Friedman, KKR, Madison Dearborn, Pritzker Group, Silver Lake, TPG, and Thomas H. Lee. Part of the culture change has been required by the scale of Kirklands business. North America Innovative Lawyers Awards 2022, Kirkland & Ellis Leads Pro Bono Effort to Help Ukrainian Refugees Apply for Temporary Protected Status, Kirkland Holds Pro Bono Clinic For Afghan Refugees, Kirkland & Ellis Donates $12.5M to 7 HBCUs, Nonprofits Using Statutory Fees From Maryland-HBCU Settlement. For instance, how much business you generated, how many lawyers you brought in to work on your matters or whether you gave up a client so the firm could advise its more lucrative adversary. They took home more than $5m on average last year $2tn Private. They service that book of business, and they collect revenues for it, ONeil said. Facebook gives people the power to share and makes the world. Jon A Ballis is Partner at Kirkland & Ellis LLP. Please refresh the page and try again later. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. There was no vote; he was the consensus choice. Jon Ballis is Chairman of the Executive Committee of Kirkland & Ellis, one of the world's leading law firms with 6,500 professionals (including more than 3,000 attorneys) around the world committed to the highest quality legal advice and unparalleled client service. Three months later, he learned shed joined a different firm. The firms roster of investment funds went from 100 clients in 2016 to more than 700 in 2021, said John ONeil, who heads Kirklands investment funds practice. And his own leadership style, characterized by a dedication to managing the firm like a sports team, represents its dedication to a high-performance, collaborative culture. Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications, Brought to you by Temple University Beasley School of Law. Kirkland and its peers have shifted the stakes in New York over the last decade and forced Wall Street firms with lockstep systems to fend off new and fierce competition from out of town. Hiring Edward Lee from Wachtell Lipton Rosen & Katz sent a clear signal to the industry that the Chicago-founded firm poses a threat to even the most venerable white-shoe firms and their lockstep pay structures that set compensation based on seniority. Jon has acted as a guest lecturer for classes and organizations at Harvard Law School, Northwestern University Pritzker School of Law and the University of Chicago Law School. Over the past decade, Kirkland has raided once seemingly impenetrable Wall Street firms like Cravath Swaine & Moore and Simpson Thacher & Bartlett to build out its public company M&A practice, using the lure of a larger paycheck at a younger age to attract talent. He has long been recognized as one of the leading private equity attorneys in the United States, with Chambers USA recognizing him in every edition since 2004 and The Best Lawyers in America listing him in every edition . Lockstep firms like Cravath and Wachtell used to be completely insulated from the lateral market, Jungers said, with Wachtell standing as the last fortress of lateral vulnerability thanks in part to its high profits per equity partner. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). Aug 30, 2021 Kirkland & Ellis, Chicago's largest law firm, announced Monday it is moving its Chicago office to a new 60-story building currently under construction. But Kirkland was No. So for the first time, he wants to address head-on the thing he thinks is limiting Kirkland from reaching even greater heights: Too many recruits think his firm is a den of wolves, where sharp-elbowed lawyers work grueling hours while looking out for their own good. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. Ballis was selected the firms chairman in 2018 by a group of senior partners. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Ballis graduated with a Soviet studies major from Lehigh University in 1991, took out loans to go to Harvard Law School, and returned to Chicago to work at Sidley Austin. We use cookies to enhance your experience. Now thats such a part of who we are that it happens naturally.. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. The American Lawyer has also named Kirkland to its A-List for 10 years running. Standard Digital includes access to a wealth of global news, analysis and expert opinion. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Chicago, Illinois, United States. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. He took advantage of what he saw as a hole in his competitors armor: They paid their lawyers based on how long theyd worked for the firm, not in proportion to their individual contributions. Try for free at rocketreach.co . You see what type of lawyer he is and you want to be that.. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. I know this sounds insecure, but I hear often that you are a tough place to work, and its not worth it, Ballis said in a series of interviews in recent months. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. All those hires had been made under Kirklands former chairman, Jeffrey Hammes, a former private equity dealmaker considered a bold leader willing to cut big checks. To contact the reporter on this story: Meghan Tribe in New York at mtribe@bloomberglaw.com; Roy Strom in Chicago at rstrom@bloomberglaw.com, To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Tom P. Taylor at ttaylor@bloomberglaw.com. Ballis graduated with a Soviet studies major from Lehigh University in 1991, took out loans to go to Harvard Law School, and returned to Chicago to work at Sidley Austin. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. analyse how our Sites are used. Three months later, he learned shed joined a different firm. Not a Bloomberg Law Subscriber?Subscribe Now. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Spotlight Guides. Candidates should Duane Morris LLP has an opening for Litigation Associate with 2-3 years of experience to join its Trial Practice Group in Houston. Ballis is unapologetic about the firm challenging its lawyers. We can destroy everybody else, and lets actually go destroy other people.. Log in to access all of your BLAW products. Ballis rallied more than half a dozen partners Kirkland hired from other firms who said the culture theyd been warned about just didnt meet their reality at the firm. Kirklands restructuring practice exploded. You can still enjoy your subscription until the end of your current billing period. This is not in the playbook of how to run this law firm, he remembers thinking. Capital markets lawyers went into overtime helping companies raise debt to survive. Hammes worked hard to break that culture, Kirkland partners said. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Big Law firms are facing a retention crisis and Kirkland is no exception. E-mail oureditor References to the firm as a pack of wolves in wolves clothing have circulated for decades. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. Clients pay them as much as $2,000 an hour to never be wrong. Were Goldman Sachs or McKinsey of the law firm world. That conversation happens often. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. But theres good reason to believe the firm did even better in 2021, considering that it set a record for activity levels in its M&A practice, according to data compiled by Bloomberg. (Podcast). Global Practice Guides. Jon Ballis. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. View. Bloomberg Markets Americas. Commitment to these priorities has helped Kirkland deepen its practice area expertise, extend its worldwide reach and earn industry recognition for workplace culture, including placements on the prestigious Notable Diverse Leaders in Law, Notable Leaders in Sustainability, and Best Law Firms for Women lists. Kirkland & Ellis chairman Jon Ballis holds a trump card in the legal industrys desperate battle for talent: he can pay more than just about anybody else. He promised them more control over their futures, and doubled or tripled their salaries. Commitment to these priorities has helped Kirkland deepen its practice area expertise, extend its worldwide reach and earn industry recognition for workplace culture, including placements on the prestigious Notable Diverse Leaders in Law, Notable Leaders in Sustainability, and Best Law Firms for Women lists. In 2009, the firm poached one of Skaddens then-highest-paid partners, David Fox, along with Daniel Wolf, who made partner at Skadden at age 30. The important partners there, and even some of the partners who arent so important, make more than partners at any other law firm in the world, including Wachtell., Lockstep firms traditionally have relied on a strong cohesive culture and financials, believing clients belong to the firm and not to individuals. . Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. He wants people like him who relish the hard work. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. Jon Ballis is Chairman of the Executive Committee of Kirkland & Ellis, one of the worlds leading law firms with 6,500 professionals (including more than 3,000 attorneys) around the world committed to the highest quality legal advice and unparalleled client service. Private Equity Manager named him one of the top 10 private equity lawyers in the country and The Legal 500 U.S. selected Jon as one of only 10 private equity lawyers for its elite Leading Lawyers list. Kirkland revenue in 2018, up nearly 20% on 2017. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. I will tell you with full candor, I see tremendous opportunity and upside.. Navigate to map location for Jon A. Ballis P.C. 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