High-quality journalism isn't free. 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. Kirklands reputation has been around so long, its hard to determine where it even began. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? 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. 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. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. 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. Ballis is a founder and director of the Vision for Tomorrow Foundation and serves on the boards of the Anti-Defamation League and the Illinois Holocaust Museum & Education Center. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. 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. Its a classic Kirkland move a young up and comer from a major firm. 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. 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. 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. Please use the print button to print this profile page. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. He promised them more control over their futures, and doubled or tripled their salaries. And if you dont want to work together, were not your kind of firm.. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. For a full comparison of Standard and Premium Digital, click here. Chicago, IL 60601 Kirklands restructuring practice exploded. He promised them more control over their futures, and doubled or tripled their salaries. And thats how I know that this reputational thing is a problem.. Clients pay them as much as $2,000 an hour to never be wrong. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Bloomberg Markets Americas. And if you dont want to work together, were not your kind of firm.. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. The firm largely halted hiring, anticipating a two-month to two-year slowdown. To Hammes, it meant young, talented partners could feel stymied. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. I hate the term book of business.. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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, which fights antisemitism and bigotry. He served as chair-elect for a year. 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. 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. Click below to see everything we have to offer. 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. 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 & 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. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. E-mail oureditor 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. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. 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. Copyright 2023 ALM Global, LLC. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. Part of the culture change has been required by the scale of Kirklands business. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. +1 312-862-2332 jon.ballis@kirkland.com View profile. I will tell you with full candor, I see tremendous opportunity and upside.. He now faces the challenge of driving success while competition for top legal talent is fierce. Hammes worked hard to break that culture, Kirkland partners said. 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." Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Global Practice Guides. 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 . 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. By September, the firms M&A engine pushed to a new level that continued through last year. 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. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. Articles. analyse how our Sites are used. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! 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. Click here to get the full experience on your screen. License our industry-leading legal content to extend your thought leadership and build your brand. Now thats such a part of who we are that it happens naturally.. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Im not surprised at all he ended up being very successful, Gray said of Ballis. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. 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. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. The 1.2 million-square-foot. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. By visiting our website or transacting with us, you agree to this. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. They service that book of business, and they collect revenues for it, ONeil said. "[T]he Kirkland . The firm largely halted hiring, anticipating a two-month to two-year slowdown. 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 . The latest hire, Lee, graduated Harvard Law School in 2006. 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. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 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. Click below to see everything we have to offer. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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 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. 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. Three months later, he learned shed joined a different firm. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Join Law.com now! 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 is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Because Jon was so driven and cared so much and was a tenacious competitor.. And the misconception of who we are is not helpful to our institution.. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Join Facebook to connect with Jon Ballis and others you may know. 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. 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. To view this content, please continue to their sites. 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. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Today, only two major law firms maintain a pure lockstep model. 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. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. The partner had difficulty bringing in clients that others deemed too smalland he said he didnt get any credit for agreeing to pass up those opportunities. 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. 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. Chicago, IL 60601 Jon Ballis is Chairman of Kirkland's Executive Committee. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Contact Us| But many in Big Law have observed that the bonds that hold clients and lawyers to law firms arent the same as they used to be. We can destroy everybody else, and lets actually go destroy other people.. Please refresh the page and try again later. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. About Us| Its not a good culture, said one former share partner who left the firm recently. Jon Ballis is Chairman of Kirkland's Executive Committee. 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. 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. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Clients pay them as much as $2,000 an hour to never be wrong. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. 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. 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 . Its a major challenge for a firm that only expects its workload to grow. 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. 130 E. Randolph St. 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. 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. Chairman, Kirkland & Ellis LLP. Big Law firms rarely admit problems. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. You may change or cancel your subscription or trial at any time online. 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Collegiality and everything, talk is cheap, the former partner said. He wants people like him who relish the hard work. 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. Missing Crain's in print? He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. Fellows ProgramFellows nominated:2022: Eric White; 2021: Shaun Mathew; 2020:Paul Tanaka; 2019: Luke Guerra; 2018: Erin Johnston; 2017: Joseph A. Loy; 2016: William Joseph Benitez; 2015: Atif Khawaja; 2014: Jeanne M. Heffernan; 2013:Barack S. Echols; 2012: Diana M. Torres;2011:Elizabeth L. Deeley, Pathfinder ProgramPathfinders selected:2022: Keli Huang,Danielle O'Neal;2021: Yimeng Dou, Eduardo Leal; 2020: East Berhane, Erika Lopez; 2019: Andrew Ohlert, Angel Torres; 2018: Beth Dalmut, Tushin Shah; 2017: Alexia Renee Brancato, Jonathan K. Tshiamala;2016: Tracie L. Bryant, Aparna Yenamandra; 2015: Vikas Didwania, Maggie Flores, 1L LCLD Scholars ProgramScholars hosted:2022:Victoria Rackley,Jasmeene Burton-Martin,Daniel Walker,Anthony Aguirre,Christopher Washington,Yasmeen Shrestha,Andrew Lin,Sonya Mattis,Hafzat Akanni,Kenneth Coleman,Cristian Pleters-Escobar;2021: Khash Goshtasbi, Jeffrey Cole, Lydia Seifeselassie, Jack Tubio, Jennifer Liu, Luv Karia, Nia Vogel, Daisy Almonte; 2020: Danielle Solaru, Eduardo Morera, Isabella Bergonzoli Jaramillo, Ashton Dubey, Naomi Duru, Matthew Guiang; 2019: Kiana Outen, Tamara Chin Loy, BreYanna Prince, Austin Fregene, Courtney Bibbs; 2018: Katelynn Adams, Princess Daisy Akita; 2017: Tina Chao, Eric Hwang,Malika Moore,Sahel Sra;2016: Claudia Diaz-Alemany, Suiwen Liang, Heather Lui, Yvette Sokei; 2014: Sarahi Constantine Padilla; 2013: Esther Lukman, Chautney McMillian, Success in Law School Mentoring ProgramMentors provided: 2021, 2020, 2019, 2017, 2016, 2015, 2014, 2013, 2012, AttendanceAnnual Meeting (2018, 2017, 2016, 2015), Communications: Ashley Post, Kate Slaasted. 1. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. 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 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. cookies The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. We have encountered an error and are unable to send your message at this time. on LinkedIn, Share profile for Jon A. Ballis P.C. 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 . He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. This peer designation is awarded only to a select number of accomplished attorneys in each state. Jon Ballis is chairman of the firm. 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. 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. 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. Jon A Ballis is Partner at Kirkland & Ellis LLP. I will tell you with full candor, I see tremendous opportunity and upside.. Click here to get the full experience on your screen. Navigate to map location for Jon A. Ballis P.C. Its very dependent upon who you are. . Ballis is unapologetic about the firm challenging its lawyers. You see what type of lawyer he is and you want to be that.. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. 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. 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. And thats how I know that this reputational thing is a problem.. Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. 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