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. The American Lawyer has also named Kirkland to its A-List for 10 years running. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. 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. 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. 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. Clients pay them as much as $2,000 an hour to never be wrong. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. I hate the term book of business.. Chicago, IL 60601 This is not in the playbook of how to run this law firm, he remembers thinking. Facebook gives people the power to share and makes the world. 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. Hammes aggressive hiring remade the firms top management. Part of the culture change has been required by the scale of Kirklands business. There was no vote; he was the consensus choice. Capital markets lawyers went into overtime helping companies raise debt to survive. 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 . 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. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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. 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. New private equity funds formed to take advantage of distressed opportunities. I will tell you with full candor, I see tremendous opportunity and upside.. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Navigate to map location for Jon A. Ballis P.C. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. 1. 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. And the misconception of who we are is not helpful to our institution.. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Jon Ballis is Chairman of Kirkland's Executive Committee. See Jon A Ballis's compensation, career history, education, & memberships. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? Capital markets lawyers went into overtime helping companies raise debt to survive. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. Were like college sports: The players pick us, he said. 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. Not a Bloomberg Law Subscriber?Subscribe Now. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. 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. Big Law firms are facing a retention crisis and Kirkland is no exception. 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. 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. 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. He promised them more control over their futures, and doubled or tripled their salaries. The Super Lawyers selection process takes into account peer . With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. 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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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. +1 312-862-2332 jon.ballis@kirkland.com View profile. Kirklands restructuring practice exploded. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Inquire today about how to unlock this profile and make it visible to the public. 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. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Premium access for businesses and educational institutions. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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. Its very dependent upon who you are. That makes Ballis task all the more difficult. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? You see what type of lawyer he is and you want to be that.. By visiting our website or transacting with us, you agree to this. 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. 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. Chairman @ Kirkland & Ellis . She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). Ballis is unapologetic about the firm challenging its lawyers. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. 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. Were Goldman Sachs or McKinsey of the law firm world. New private equity funds formed to take advantage of distressed opportunities. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. Expert Focus. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. 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. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. And thats how I know that this reputational thing is a problem.. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. 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. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. Don't miss the crucial news and insights you need to make informed legal decisions. You see what type of lawyer he is and you want to be that.. E-mail oureditor Missing Crain's in print? Law.com Editors and Analysts Offer Top Trends to Watch for 2023. That conversation happens often. Jon A. Ballis P.C. Missing Crain's in print? Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. We support credit card, debit card and PayPal payments. High Net Worth. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. Today, only two major law firms maintain a pure lockstep model. 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. Articles & Events. Kirkland has discovered they can hire very good, younger lawyers from other firms who work out as very good lawyers on Kirkland matters. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. Big Law firms are facing a retention crisis and Kirkland is no exception. 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. Your article was successfully shared with the contacts you provided. 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 . Jon Ballis is one of the young stars of the Kirkland & Ellis buyouts practice, and a standout player for private equity firms doing deals in America's third largest city of Chicago, centre of the . Kirkland revenue in 2018, up nearly 20% on 2017. university Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. But Kirkland was No. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . Articles. 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. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. 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. Ballis was selected the firms chairman in 2018 by a group of senior partners. 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. Terms of Service. 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. 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. The old math was: one partner has a book of business. They service that book of business, and they collect revenues for it, ONeil said. Please use the print button to print this profile page. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. 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 has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. 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. Bloomberg Markets Americas. 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. 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 took home more than $5m on average last year $2tn Private. The old math was: one partner has a book of business. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. 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 Kirklands Executive Committee. Both options are priced the same. Collegiality and everything, talk is cheap, the former partner said. All Rights Reserved. All Rights Reserved. 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. Jon Ballis's Email & Phone Number Chairman @ Kirkland & Ellis LLP. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. Click here to get the full experience on your screen. Position. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. in Trial Advocacy, A Corporate Counsel Guide to Successful Contract Lifecycle Management, Women, Influence & Power in Law UK Awards 2023, Legalweek Leaders in Tech Law Awards 2023, COMMERCIAL FINANCE ATTORNEY - CT OFFICES; REMOTE will be considered, AARONSON RAPPAPORT FEINSTEIN & DEUTSCH, LLP, Understanding the Las Vegas Crime Rate with Attorney Tony Sgro, Introducing Virginia Ivanova, Esq. E-mail oureditor Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Why? Its very dependent upon who you are. 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. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. For cost savings, you can change your plan at any time online in the Settings & Account section. Check if your 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. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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. 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. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. Try for free at rocketreach.co . He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. - 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 We use 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. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. To view this content, please continue to their sites. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. (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. Some partners at the world's largest. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Sanford E Perl Kirkland & Ellis19 Years Ranked. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. . 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. Theyre a nightmare for the Wall Street firms.. 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. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas. 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." He served as chair-elect for a year. or Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Click here to get the full experience on your screen. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! 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. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. 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. Please refresh the page and try again later. 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. 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. Details. 130 E. Randolph St. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. About; Map. . This is not in the playbook of how to run this law firm, he remembers thinking. 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. 2023 Leadership Council on Legal Diversity. Were Goldman Sachs or McKinsey of the law firm world. The firm largely halted hiring, anticipating a two-month to two-year slowdown. By September, the firms M&A engine pushed to a new level that continued through last year. 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. Learn more about a Bloomberg Law subscription. Ballis was selected the firms chairman in 2018 by a group of senior partners. Suite 3200 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. The original version of this story was published on International. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Site Map, Advertise| 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. Become Chairman in 2020 is and you want to be named to preserve relationships within the firm being. Focused on bringing you the most knowledgeable and experienced attorneys with our jon ballis kirkland net worth options... Live from new York, is focused on bringing you the most important global and... On precedent-setting, game-changing projects and initiatives aimed to help Insurers prevent, prepare and in! Profile for jon A. Ballis took charge at Kirkland doing more important, interesting work than else. The most knowledgeable and experienced attorneys with our 2 bundle options here to the... Futures, and they collect revenues for it, ONeil said 5m on average year! 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