Copyright 2023 ALM Global, LLC. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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 currently serves on the Boards of Directors of the Illinois Holocaust Museum & Education Center, the Anti-Defamation League, and the Vision for Tomorrow Foundation, an organization he co-founded in 2006 to focus on visual impairment in children. Its very dependent upon who you are. And it shaved a year off how long it takes before lawyers are considered for the life-changing status of holding shares in Kirklands profits. Join Law.com now! Three months later, he learned shed joined a different firm. He served as chair-elect for a year. There is an arrogance that were the best. Ballis was selected the firms chairman in 2018 by a group of senior partners. Articles. Kirkland and Paul Weiss were both among the 10 busiest firms by deal value, representing clients on deals worth $202 billion and $197 billion, respectively. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Today, only two major law firms maintain a pure lockstep model. and other data for a number of reasons, such as keeping FT Sites reliable and secure, He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. 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. . Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. 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. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. on Twitter, Navigate to map location for Kirkland & Ellis LLP, Call Kirkland & Ellis LLP at 312-862-2000, Visit the website for Kirkland & Ellis LLP, https://www.kirkland.com/lawyers/b/ballis-jon-a-pc. Law Offices of Gary Martin Hays & Associates Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. 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And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. 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. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . 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. View. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. By September, the firms M&A engine pushed to a new level that continued through last year. 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. Terms of Service. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. He credits the growth in part to hiring partners with no billing responsibilities who manage client relationships and hand off work to the most logical teams of lawyers. Chairman, Kirkland & Ellis LLP. Simply log into Settings & Account and select "Cancel" on the right-hand side. Jon Ballis is one of the young stars of the Kirkland & Ellis buyouts practice, and a standout player for private equity firms doing deals in America's third largest city of Chicago, centre of the . Jon Ballis is Chairman of Kirkland's Executive Committee. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. That view of a sharp-elbowed, tough institution where nobody helps each other, I just dont think it exists, said Andy Calder, who joined from Simpson Thacher in 2014 to build out the firms Houston office. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Click here to get the full experience on your screen. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. It says attrition grew 50% from a more normal 2019 to 2021, and that the poaching by other law firms is indicative of the value that Kirkland experience adds to a lawyers resume. The firm largely halted hiring, anticipating a two-month to two-year slowdown. To view this content, please continue to their sites. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Details. 1-877-812-1590, The Most Powerful Women In Chicago Business. We use cookies to enhance your experience. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. 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. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. All Rights Reserved. Its not a good culture, said one former share partner who left the firm recently. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Were like college sports: The players pick us, he said. 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. - Chicago, IL - Lawyer | Best Lawyers Recognized since 2006 Chicago, Illinois Practice Areas Leveraged Buyouts and Private Equity Law Mergers and Acquisitions Law Biography Overview Firm Details Awards & Practice News & Media Publications Illinois 2023 Home Log In Begin Nomination Lawyers Methodology Insights Publications About That makes Ballis task all the more difficult. The American Lawyer has also named Kirkland to its A-List for 10 years running. or You can still enjoy your subscription until the end of your current billing period. Ballis is unapologetic about the firm challenging its lawyers. We can destroy everybody else, and lets actually go destroy other people.. 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. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. And thats how I know that this reputational thing is a problem.. Since joining Kirkland in 2005, Ballis' practice has focused on. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Try for free at rocketreach.co . Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Some partners at the. Its what veteran legal recruiter Mark Jungers calls the Kirkland effect., That private equity, litigation, bankruptcy shop that used to be really great coming out of Chicago, theyre not that anymore, Jungers, co-founder of Lippman Jungers, said of Kirkland. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Part of the culture change has been required by the scale of Kirklands business. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. 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 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. He promised them more control over their futures, and doubled or tripled their salaries. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. Jon Ballis is chairman of the firm. Hammes led the firm from 2009 to 2019, and is credited with orchestrating Kirklands rise to the top by cutting huge checks to lure up-and-coming partners from the most prominent Wall Street firms. That makes Ballis task all the more difficult. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. But now, Ballis finds that dangling eight-figure paychecks and the allure of doing billions of dollars worth of deals for private equity heavyweights like Bain Capital doesnt always cut it. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. 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. Jon A. Ballis P.C. 2. Kirkland is a very successful firm, said the source close to Kirkland. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. He served as chair-elect for a year. 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. We wish them the best of luck in the future, and we look forward to collaborating with them in the future in matters not involving the Second Amendment." But Kirkland was No. Your article was successfully shared with the contacts you provided. Chicago, IL 60601 Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. There is an arrogance that were the best. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Kirkland & Ellis' new chairman Jon Ballis has wasted little time making his mark, poaching a rising star dealmaker away from one of Big Law's most untouchable firms this week, despite a global pandemic slowing the economy and scaring rivals away from making big-dollar hires. Please consider subscribing to Crain's. Customer Service| Now thats such a part of who we are that it happens naturally.. But the worst-case scenario never panned out. He wants people like him who relish the hard work. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. 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. But Ballis is making a statement in going after Kirklands first prominent hire from Wachtell, a New York firm known for its M&A prowess that rarely, if ever, loses its partners to rivals. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. The Super Lawyers selection process takes into account peer . Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Chicago Theyre a nightmare for the Wall Street firms.. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. The old math was: one partner has a book of business. 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 joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. That view of a sharp-elbowed, tough institution where nobody helps each other, I just dont think it exists, said Andy Calder, who joined from Simpson Thacher in 2014 to build out the firms Houston office. 130 E. Randolph St. There was no vote; he was the consensus choice. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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 since 2006. Sam Mays's great-grandparents, Lottie and John Ballis He wants people like him who relish the hard work. Jon Ballis is Chairman of Kirkland's Executive Committee. There was no vote; he was the consensus choice. analyse how our Sites are used. I will tell you with full candor, I see tremendous opportunity and upside.. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. (Bloomberg) Kirkland & Ellis chairman Jon Ballis holds a trump card in the legal industry's desperate battle for talent: he can pay more than just about anybody else. Position. 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. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! The 1.2 million-square-foot. For a full comparison of Standard and Premium Digital, click here. 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 . As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. References to the firm as a pack of wolves in wolves clothing have circulated for decades. (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. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. You see what type of lawyer he is and you want to be that.. 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. In making your comments, please do not refer to a pending legal matter. Its a major challenge for a firm that only expects its workload to grow. Big Law firms are facing a retention crisis and Kirkland is no exception. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? 2, with equity partners making an average of $5.2 million. He liked how private equity clients expected him to solve their problems, rather than just offer advice. 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. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Jon A Ballis is Partner at Kirkland & Ellis LLP. And the misconception of who we are is not helpful to our institution.. Im not surprised at all he ended up being very successful, Gray said of Ballis. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Sanford E Perl Kirkland & Ellis19 Years Ranked. 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. It completely overshadows individual success., Edward Sassower, who leads Kirklands bankruptcy practice, said the firm could be a rough place at times when he first joined in 2003, but he now views it as the most collaborative Big Law firm in the world., It took a lot of work to get here from there, he said. Ballis was selected the firms chairman in 2018 by a group of senior partners. 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. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. Location. 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. 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. Were Goldman Sachs or McKinsey of the law firm world. 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. According to a 2018 profile of founding partner Martin Lipton, Wachtell has followed a set of principles including limiting attorney growth per year and avoiding recruitment from competitors. At that level a more diverse, inclusive workplace and breaking markets news and information as happens... Firm leaders say is and you want to be that inclusive workplace reputational... To do better than this and Andy Calder quote in paragraph 15 of who we that... Win Rates, should Law firms Respond to So many RFPs, B.A. with! That it happens jon A. Ballis took charge at Kirkland & Ellis New partners Ready for Squid Game?. 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