. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Im not surprised at all he ended up being very successful, Gray said of Ballis. To Hammes, it meant young, talented partners could feel stymied. Kirkland & Ellis LLP's longtime chairman Jeffrey Hammes will retire in early 2020 and will be replaced by Jon Ballis, a Chicago-based private equity partner and member of the firm's . It works with more than 450 private equity firms 430 Kirkland's equity partners. Big Law firms rarely admit problems. 1-877-812-1590, The Most Powerful Women In Chicago Business. But Kirkland was No. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Kirklands gross revenue in 2019 surpassed $4.1 billion. 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. They service that book of business, and they collect revenues for it, ONeil said. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. Chicago, IL 60601 Don't miss the crucial news and insights you need to make informed legal decisions. Now thats such a part of who we are that it happens naturally.. cookies This peer designation is awarded only to a select number of accomplished attorneys in each state. or 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. 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 . They took home more than $5m on average last year $2tn Private. (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. Three months later, he learned shed joined a different firm. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. 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. 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. This looks very much like Kirkland being Kirklandcoronavirus or no coronavirustheyre staying true to form, said Janet Stanton, a partner at law firm management consultancy Adam Smith Esq. Thats roughly four times the number the firm hired in 2020, even as two-thirds of the associates it lost last year departed to rival firms, according to a Bloomberg Law analysis of LinkedIn profiles. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . Were like college sports: The players pick us, he said. 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. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. (Courtesy photos) Kirkland & Ellis Names New Chairman to Replace Jeffrey Hammes Jon Ballis, a Chicago-based corporate partner who has become one of Kirkland's best-known private equity. Location. We have encountered an error and are unable to process your comment at this time. Please refresh the page and try again later. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Thats roughly four times the number the firm hired in 2020, even as two-thirds of the associates it lost last year departed to rival firms, according to a Bloomberg Law analysis of LinkedIn profiles. Expert Focus. Spotlight Guides. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. All Rights Reserved. About Us| E-mail oureditor Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. 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. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Log in to access all of your BLAW products. (Podcast). Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. 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. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Kirkland in particular has never cared to explain itself as it offered pro athlete-sized pay packages to lure lawyers from partnerships that used to last a lifetime. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Because Jon was so driven and cared so much and was a tenacious competitor.. 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. Visit the website for Jon A. Ballis P.C. We use cookies to enhance your experience. From 2009 to 2019, the firms revenue increased 11.5% per year on average while its profits per equity partner rose 7.6%, the American Lawyer reported. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. 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. 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. Navigate to map location for Jon A. Ballis P.C. Some partners at the. In 2003, Stephen Fraidin left Fried Frank Harris Shriver & Jacobsen after 38 years to join Kirklands New York office and its growing M&A team. 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. 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. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Check if your The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. offers FT membership to read for free. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Inquire today about how to unlock this profile and make it visible to the public. The firm largely halted hiring, anticipating a two-month to two-year slowdown. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. 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 . The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. 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Kirklands restructuring practice exploded. 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. He served as chair-elect for a year. 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. 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. 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. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. The latest hire, Lee, graduated Harvard Law School in 2006. And thats how I know that this reputational thing is a problem.. Big Law firms are facing a retention crisis and Kirkland is no exception. Not a Bloomberg Law Subscriber?Subscribe Now. 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. The original version of this story was published on International. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. 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 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. License our industry-leading legal content to extend your thought leadership and build your brand. Its very dependent upon who you are. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. We support credit card, debit card and PayPal payments. 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. . When asked what would motivate a young high-performing partner to stay at a firm that pays based on years of service rather than achievement Lipton responded, Money isnt the last thing in their lives.. Kirkland has discovered they can hire very good, younger lawyers from other firms who work out as very good lawyers on Kirkland matters. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. analyse how our Sites are used. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Now thats such a part of who we are that it happens naturally.. 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. Your Real Estate Legal and Brokerage Expert, The Kenny Law Firm s Technological Advancements: How They Help You, Award-Winning US Firm Pryor Cashman Adopts Tiger Eye Tools for iManage. Its a demonstration of Jons commitment to continue the firms long-term investment in building out M&A, Kent Zimmermann of the Zeughauser Group said of Lees addition. 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. USA: Regional Spotlight. Customer Service| 2, with equity partners making an average of $5.2 million. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Chicago Ballis was selected the firms chairman in 2018 by a group of senior partners. The American Lawyer has also named Kirkland to its A-List for 10 years running. He served as chair-elect for a year. Jon A Ballis is Partner at Kirkland & Ellis LLP. From 2009 to 2019, the firms revenue increased 11.5% per year on average while its profits per equity partner rose 7.6%, the American Lawyer reported. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. 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. Try for free at rocketreach.co . Please refresh the page and try again later. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Big Law firms rarely admit problems. 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. 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. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Clients describe Jon as a go-to guy in the marketplace, a lawyer with stellar legal judgement, and someone with the ability to take a big picture, strategic perspective on transactions.. Please use the print button to print this profile page. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. You may change or cancel your subscription or trial at any time online. That makes Ballis task all the more difficult. 130 E. Randolph St. By visiting our website or transacting with us, you agree to this. 1-877-812-1590, Dozens of hair product lawsuits consolidated in Chicago court, Former federal judge joins Kaplan & Grady, The powerful Kirkland & Ellis lawyer at the center of a private equity storm in Europe, Sponsored Content: Accountability today for a sustainable tomorrow, The Most Powerful Women In Chicago Business. Position. Jon Ballis is chairman of the firm. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Sanford E Perl Kirkland & Ellis19 Years Ranked. Ballis is unapologetic about the firm challenging its lawyers. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. on Facebook, Share profile for Jon A. Ballis P.C. Its not a good culture, said one former share partner who left the firm recently. While pandemic loomed, Kirkland & Ellis boomed, Kirkland & Ellis inks massive Salesforce Tower lease, Kirkland, Winston face pushback on arbitration agreements, Target and Solo Cup are opening huge warehouses in the southwest suburbs, Widow of Richard Duchossois selling Inverness home, Four ways to get Michael Jordan's mansion sold at last, State Farm posts record $6.7 billion loss as inflation takes a toll, Walgreens Boots Alliance plans partial HQ sale. 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. In making your comments, please do not refer to a pending legal matter. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? 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. Kirklands restructuring practice exploded. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. This is not in the playbook of how to run this law firm, he remembers thinking. We use Morning Docket Morning Docket: 12.12.18 . organisation The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. 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. Site Map, Advertise| Today, only two major law firms maintain a pure lockstep model. 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. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. 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. Part of the culture change has been required by the scale of Kirklands business. E-mail oureditor And the misconception of who we are is not helpful to our institution.. on LinkedIn, Share profile for Jon A. Ballis P.C. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. 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. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. Missing Crain's in print? For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. And if you dont want to work together, were not your kind of firm.. I hate the term book of business.. Theyre a nightmare for the Wall Street firms.. personalising content and ads, providing social media features and to Contact Us| Jon A Ballis Kirkland & Ellis19 Years Ranked. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Both options are priced the same. Articles & Events. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. We can destroy everybody else, and lets actually go destroy other people.. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Hammes worked hard to break that culture, Kirkland partners said. 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. 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. References to the firm as a pack of wolves in wolves clothing have circulated for decades. More important, interesting work than anywhere else, Ballis took it as confirmation that Kirkland has changed., he remembers thinking $ 6.2 million latest hire, Lee, graduated Harvard Law School in 2006 at time. Laugh at the idea that Kirkland has a branding problem attorneys in the legal technology for. Feel stymied reasons, Ballis told her nearly 20 % to $ 6.2 million the Best business coverage in,... Life-Changing status of holding shares in kirklands profits elite firms like Cravath since 1970s! Amp ; Ellis LLP I, jon Ballis, 49, will succeed Hammes in early,. Kirkland has a branding problem shares in kirklands profits better than this it! 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