She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 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. Today, only two major law firms maintain a pure lockstep model. Big Law firms are facing a retention crisis and Kirkland is no exception. 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. Part of the culture change has been required by the scale of Kirklands business. personalising content and ads, providing social media features and to But the worst-case scenario never panned out. Ballis was selected the firms chairman in 2018 by a group of senior partners. The Super Lawyers selection process takes into account peer . New private equity funds formed to take advantage of distressed opportunities. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Jon Ballis is on Facebook. He liked how private equity clients expected him to solve their problems, rather than just offer advice. . The firm largely halted hiring, anticipating a two-month to two-year slowdown. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Why? The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Collegiality and everything, talk is cheap, the former partner said. +1 312 862 2332. 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. 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. 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. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. High Net Worth. 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. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. The 60-story building is expected to open in 2023. And it shaved a year off how long it takes before lawyers are considered for the life-changing status of holding shares in Kirklands profits. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. 1-877-812-1590, The Most Powerful Women In Chicago Business. on LinkedIn, Share profile for Jon A. Ballis P.C. 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. Because Jon was so driven and cared so much and was a tenacious competitor.. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. 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. 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. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. The old math was: one partner has a book of business. (Podcast). +1 312-862-2332 jon.ballis@kirkland.com View profile. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. cookies Jon A Ballis is Partner at Kirkland & Ellis LLP. They service that book of business, and they collect revenues for it, ONeil said. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Chicago, IL 60601 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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. Bloomberg Markets Americas. 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. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. That makes Ballis task all the more difficult. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! on Facebook, Share profile for Jon A. Ballis P.C. They service that book of business, and they collect revenues for it, ONeil said. Copyright 2023 ALM Global, LLC. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. Capital markets lawyers went into overtime helping companies raise debt to survive. 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. Try for free at rocketreach.co . The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. 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. Contact Us| We have encountered an error and are unable to send your message at this time. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. 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. 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. I will tell you with full candor, I see tremendous opportunity and upside.. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. He wants people like him who relish the hard work. 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. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 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.". That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. 151 Best Lawyers: Ones to Watch in America awards. And if you dont want to work together, were not your kind of firm.. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Morning Docket Morning Docket: 12.12.18 . All Rights Reserved. Chicago, Illinois, United States. Ballis is unapologetic about the firm challenging its lawyers. 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. Please refresh the page and try again later. 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. 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. You see what type of lawyer he is and you want to be that.. Big Law firms are facing a retention crisis and Kirkland is no exception. USA: Regional Spotlight. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 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. Sam Mays's great-grandparents, Lottie and John Ballis Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. Today, only two major law firms maintain a pure lockstep model. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. By September, the firms M&A engine pushed to a new level that continued through last year. There was no vote; he was the consensus choice. 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." Were Goldman Sachs or McKinsey of the law firm world. 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. 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. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Jon A Ballis Kirkland & Ellis19 Years Ranked. I hate the term book of business.. Visit the website for Jon A. Ballis P.C. They were followed by Sean Rodgers from Simpson Thacher in 2013. He served as chair-elect for a 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. (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. We have encountered an error and are unable to process your comment at this time. 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. - 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 He promised them more control over their futures, and doubled or tripled their salaries. (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. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? Now thats such a part of who we are that it happens naturally.. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. Law Tech. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Brian F Richards Paul Hastings LLP16 Years Ranked. 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. Kirklands reputation has been around so long, its hard to determine where it even began. Its a demonstration of Jons commitment to continue the firms long-term investment in building out M&A, Kent Zimmermann of the Zeughauser Group said of Lees addition. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. Jon Ballis is chairman of the firm. Learn more about a Bloomberg Law subscription. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. 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. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. He served as chair-elect for a year. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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 industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. View. There is an arrogance that were the best. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Facebook gives people the power to share and makes the world. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Click below to see everything we have to offer. 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. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. We can destroy everybody else, and lets actually go destroy other people.. Check if your Chicago, IL 60601 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Its very dependent upon who you are. 2023 Leadership Council on Legal Diversity. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Because Jon was so driven and cared so much and was a tenacious competitor.. organisation The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Work. Chairman @ Kirkland & Ellis . We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. 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. Law Offices of Gary Martin Hays & Associates It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. 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. 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.. 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. Please consider subscribing to Crain's. The firm largely halted hiring, anticipating a two-month to two-year slowdown. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. To Hammes, it meant young, talented partners could feel stymied. Inquire today about how to unlock this profile and make it visible to the public. Were like college sports: The players pick us, he said. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? The latest hire, Lee, graduated Harvard Law School in 2006. And thats how I know that this reputational thing is a problem.. 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. I will tell you with full candor, I see tremendous opportunity and upside.. "[T]he Kirkland . Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Im not surprised at all he ended up being very successful, Gray said of Ballis. Spotlight Guides. 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Its not a good culture, said one former share partner who left the firm recently. From 2009 to 2019, the firms revenue increased 11.5% per year on average while its profits per equity partner rose 7.6%, the American Lawyer reported. The 1.2 million-square-foot. 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. Chicago 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. Deal activity in the first half of the year hit $2.5 trillion, more than double the $1.2 trillion announced in the first half of 2020, according to data compiled by Bloomberg. 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 . One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. We use cookies to enhance your experience. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. 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 . By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. But the worst-case scenario never panned out. 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. offers FT membership to read for free. Jon Ballis. For a full comparison of Standard and Premium Digital, click here. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. 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. 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