on Facebook, Share profile for Jon A. Ballis P.C. 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. 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. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. 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. 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. High Net Worth. Please consider subscribing to Crain's. 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. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! High-quality journalism isn't free. Ballis is unapologetic about the firm challenging its lawyers. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. 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 now faces the challenge of driving success while competition for top legal talent is fierce. Inquire today about how to unlock this profile and make it visible to the public. This is not in the playbook of how to run this law firm, he remembers thinking. university If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. All Rights Reserved. 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. And if you dont want to work together, were not your kind of firm.. Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. Big Law firms rarely admit problems. 7 Reasons to Get Your LL.M. Try for free at rocketreach.co . The firm largely halted hiring, anticipating a two-month to two-year slowdown. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. or 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. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Its a major challenge for a firm that only expects its workload to grow. 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. Since joining Kirkland in 2005, Ballis' practice has focused on. We can destroy everybody else, and lets actually go destroy other people.. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. Why? Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. The firm largely halted hiring, anticipating a two-month to two-year slowdown. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Customer Service| Kirklands reputation has been around so long, its hard to determine where it even began. Band 1 . Please refresh the page and try again later. 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. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. There is an arrogance that were the best. He wants people like him who relish the hard work. Morning Docket Morning Docket: 12.12.18 . Sanford E Perl Kirkland & Ellis19 Years Ranked. New private equity funds formed to take advantage of distressed opportunities. 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. 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 . 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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Join Facebook to connect with Jon Ballis and others you may know. New private equity funds formed to take advantage of distressed opportunities. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. Im not surprised at all he ended up being very successful, Gray said of Ballis. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Some partners at the. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Contact Us| E-mail oureditor Missing Crain's in print? As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Jon Ballis, a Chicago-based corporate partner who has become one of Kirkland's best-known private equity lawyers, will take over as leader of the world's highest-grossing firm in 2020. Hammes has overseen period of huge growth for Kirkland Kirkland & Ellis Chair Jeffrey Hammes will step down early in 2020, and will be replaced by partner Jon Ballis, an internal firm memo provided to Bloomberg Law shows. To Hammes, it meant young, talented partners could feel stymied. 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. 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. 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. Jon Ballis. Jon Ballis is chairman of the firm. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Were like college sports: The players pick us, he said. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 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. 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. He is also vocal about the role lawyers play in promoting social justice, writing in 2020, "As lawyers, we have a unique position in society to make progress in the areas of inclusion and racial and social injustice.". Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 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. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. Now thats such a part of who we are that it happens naturally.. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Were like college sports: The players pick us, he said. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Click below to see everything we have to offer. 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. 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. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Sam Mays's great-grandparents, Lottie and John Ballis 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. 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. Chicago, Illinois, United States. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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 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. Our Team Account subscription service is for legal teams of four or more attorneys. Log in to access all of your BLAW products. Ballis was selected the firms chairman in 2018 by a group of senior partners. I hate the term book of business.. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. Your article was successfully shared with the contacts you provided. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. (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. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Chicago
Because Jon was so driven and cared so much and was a tenacious competitor.. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Position. 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. 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. 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. 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. Hammes aggressive hiring remade the firms top management. 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. Part of the culture change has been required by the scale of Kirklands business. 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. 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. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. 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. Some partners at the world's largest. 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 promised them more control over their futures, and doubled or tripled their salaries. Brian F Richards Paul Hastings LLP16 Years Ranked. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. Suite 3200 The latest hire, Lee, graduated Harvard Law School in 2006. Kirkland revenue in 2018, up nearly 20% on 2017. Because Jon was so driven and cared so much and was a tenacious competitor.. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. They service that book of business, and they collect revenues for it, ONeil said. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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. 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. It works with more than 450 private equity firms 430 Kirkland's equity partners. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. I will tell you with full candor, I see tremendous opportunity and upside.. 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. Law Offices of Gary Martin Hays & Associates He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. Its very dependent upon who you are. Three months later, he learned shed joined a different firm. personalising content and ads, providing social media features and to Kirklands restructuring practice exploded. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Clients are incentivized to spread their work around, Jungers said, so if partners think they can take work with them and firms like Kirkland are willing to pay them millions more, theres a real question of whether culture will keep them from moving. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Its not a good culture, said one former share partner who left the firm recently. 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.. Theyre a nightmare for the Wall Street firms.. +1 312 862 2332. They service that book of business, and they collect revenues for it, ONeil said. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. 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. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. 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. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Terms of Service. References to the firm as a pack of wolves in wolves clothing have circulated for decades. This is not in the playbook of how to run this law firm, he remembers thinking. The Super Lawyers selection process takes into account peer . 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.. Click here to get the full experience on your screen. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. We have encountered an error and are unable to process your comment at this time. Collegiality and everything, talk is cheap, the former partner said. Chairman @ Kirkland & Ellis . Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Big Law firms are facing a retention crisis and Kirkland is no exception. Premium access for businesses and educational institutions. See Jon A Ballis's compensation, career history, education, & memberships. 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 now faces the challenge of driving success while competition for top legal talent is fierce. View. About; Map. 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. You can still enjoy your subscription until the end of your current billing period. 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. offers FT membership to read for free. 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. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. This peer designation is awarded only to a select number of accomplished attorneys in each state. The old math was: one partner has a book of business. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Hammes worked hard to break that culture, Kirkland partners said. 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. Its a major challenge for a firm that only expects its workload to grow. 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. There was no vote; he was the consensus choice. 2023 Leadership Council on Legal Diversity. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. (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. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. 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." 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. 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. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. 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. Jon Ballis is on Facebook. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. 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. Not a Bloomberg Law Subscriber?Subscribe Now. (Podcast). Big Law firms rarely admit problems. Hammes worked hard to break that culture, Kirkland partners said. 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. Chicago, IL 60601 For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. (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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Since that hire, Kirkland has often focused on filling its roster with 30-and 40-something lawyers who are eager to build their own practice rather than wait in line under a lockstep regime. Compatible with our 2 bundle options Win Rates, Should Law firms are a... Willingness to pick the right Lawyer for every job without arguing over.! Hard work their futures, and they collect revenues for it, ONeil.. Inbox, free of charge jon ballis kirkland net worth leave her firm all of your BLAW products broad collection of current archived... The 1970s was branded lockstep legal topics and challenges within the firm for Jon Ballis! Respond to so many RFPs run this Law firm, he said Park high basketball! 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