Lockstep firms like Cravath and Wachtell used to be completely insulated from the lateral market, Jungers said, with Wachtell standing as the last fortress of lateral vulnerability thanks in part to its high profits per equity partner. In making your comments, please do not refer to a pending legal matter. Join Law.com now! Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? 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 . Facebook gives people the power to share and makes the world. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. Its a major challenge for a firm that only expects its workload to grow. Ballis was selected the firms chairman in 2018 by a group of senior partners. 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. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. 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. But Kirkland was No. 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. See Jon A Ballis's compensation, career history, education, & memberships. personalising content and ads, providing social media features and to (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. analyse how our Sites are used. And thats how I know that this reputational thing is a problem.. This is not in the playbook of how to run this law firm, he remembers thinking. You can still enjoy your subscription until the end of your current billing period. 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. Log in to access all of your BLAW products. Ballis was selected the firms chairman in 2018 by a group of senior partners. 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. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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. It works with more than 450 private equity firms 430 Kirkland's equity partners. 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. Don't miss the crucial news and insights you need to make informed legal decisions. He served as chair-elect for a year. Contact Us| 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. 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. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. About; Map. 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. Click below to see everything we have to offer. 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. 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. Chicago, IL 60601 Simply log into Settings & Account and select "Cancel" on the right-hand side. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. The 1.2 million-square-foot. Law Offices of Gary Martin Hays & Associates - 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 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. Please refresh the page and try again later. Ballis is unapologetic about the firm challenging its lawyers. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Suite 3200 And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. organisation I hate the term book of business.. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. He now faces the challenge of driving success while competition for top legal talent is fierce. All Rights Reserved. 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. 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. Its very dependent upon who you are. Collegiality and everything, talk is cheap, the former partner said. Some partners at the. 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. Kirklands reputation has been around so long, its hard to determine where it even began. Details. 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 did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. 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 . How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Capital markets lawyers went into overtime helping companies raise debt to survive. 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 is chairman of the firm. 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. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. 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. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. Work. 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. Kirklands reputation has been around so long, its hard to determine where it even began. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. 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. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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. Your article was successfully shared with the contacts you provided. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 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. +1 312 862 2332. We can destroy everybody else, and lets actually go destroy other people.. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. This is not in the playbook of how to run this law firm, he remembers thinking. E-mail oureditor Please consider subscribing to Crain's. Partners at the firm took home $6.3 million on average in 2019, more than any other U.S. firm, according to the latest AmLaw rankings. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. They service that book of business, and they collect revenues for it, ONeil said. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. References to the firm as a pack of wolves in wolves clothing have circulated for decades. 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. 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. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. 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. You see what type of lawyer he is and you want to be that.. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. university Were Goldman Sachs or McKinsey of the law firm world. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. We can destroy everybody else, and lets actually go destroy other people.. I hate the term book of business.. 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. About Us| Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. USA: Regional Spotlight. There was no vote; he was the consensus choice. That conversation happens often. Jon Ballis is Chairman of the Executive Committee of Kirkland & Ellis, one of the world's leading law firms with 6,500 professionals (including more than 3,000 attorneys) around the world committed to the highest quality legal advice and unparalleled client service. 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. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Kirklands gross revenue in 2019 surpassed $4.1 billion. Some partners at the world's largest. 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. 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. 7 Reasons to Get Your LL.M. 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. 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. 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 description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. 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. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Missing Crain's in print? Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. 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. 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. He promised them more control over their futures, and doubled or tripled their salaries. Im not surprised at all he ended up being very successful, Gray said of Ballis. Please refresh the page and try again later. Im not surprised at all he ended up being very successful, Gray said of Ballis. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Collegiality and everything, talk is cheap, the former partner said. 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. They service that book of business, and they collect revenues for it, ONeil said. 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. The Super Lawyers selection process takes into account peer . Part of the culture change has been required by the scale of Kirklands business. The original version of this story was published on International. 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. Now thats such a part of who we are that it happens naturally.. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. To Hammes, it meant young, talented partners could feel stymied. 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. We use cookies to enhance your experience. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. 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. Now thats such a part of who we are that it happens naturally.. 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. (Podcast). Jon Ballis is on Facebook. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Three months later, he learned shed joined a different firm. 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Hammes aggressive hiring remade the firms top management. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. The old math was: one partner has a book of business. And the misconception of who we are is not helpful to our institution.. 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. Theyre a nightmare for the Wall Street firms.. 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. 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. There is an arrogance that were the best. Jon Ballis. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. 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. But the worst-case scenario never panned out. . 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. 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. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Premium access for businesses and educational institutions. That makes Ballis task all the more difficult. 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. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. And if you dont want to work together, were not your kind of firm.. The latest hire, Lee, graduated Harvard Law School in 2006. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. Kirkland is a very successful firm, said the source close to Kirkland. 2. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Kirkland has discovered they can hire very good, younger lawyers from other firms who work out as very good lawyers on Kirkland matters. 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. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. I will tell you with full candor, I see tremendous opportunity and upside.. 130 E. Randolph St. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Our Team Account subscription service is for legal teams of four or more attorneys. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? The firm largely halted hiring, anticipating a two-month to two-year slowdown. There is an arrogance that were the best. Litigation Support. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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. There was no vote; he was the consensus choice. Its a classic Kirkland move a young up and comer from a major firm. Its a major challenge for a firm that only expects its workload to grow. 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. Customer Service| Its not a good culture, said one former share partner who left the firm recently. . 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. 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. That conversation happens often. Inquire today about how to unlock this profile and make it visible to the public. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. We have encountered an error and are unable to send your message at this time. Since joining Kirkland in 2005, Ballis' practice has focused on. 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. 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