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. 130 E. Randolph St. 2023 Leadership Council on Legal Diversity. Click here to get the full experience on your screen. . Log in to access all of your BLAW products. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. Ballis was selected the firms chairman in 2018 by a group of senior partners. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Big Law firms are facing a retention crisis and Kirkland is no exception. 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 . Join Facebook to connect with Jon Ballis and others you may know. Today, only two major law firms maintain a pure lockstep model. Collegiality and everything, talk is cheap, the former partner said. 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. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. Join Law.com now! The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Click below to see everything we have to offer. 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. Please consider subscribing to Crain's. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. In making your comments, please do not refer to a pending legal matter. 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. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. They service that book of business, and they collect revenues for it, ONeil said. 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. 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. 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. Chicago, IL 60601 (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. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). About; Map. Work. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. 2010 - 2023 Best Lawyers All Rights Reserved. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. 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. - 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 Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. 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. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 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 Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Its a classic Kirkland move a young up and comer from a major firm. 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. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. Hammes worked hard to break that culture, Kirkland partners said. Were Goldman Sachs or McKinsey of the law firm world. Click below to see everything we have to offer. "[T]he Kirkland . Bloomberg Markets Americas. 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. 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. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. They service that book of business, and they collect revenues for it, ONeil said. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Please refresh the page and try again later. Jon Ballis is Chairman of Kirklands Executive Committee. 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 and Paul Weiss were both among the 10 busiest firms by deal value, representing clients on deals worth $202 billion and $197 billion, respectively. Copyright 2023 ALM Global, LLC. For a full comparison of Standard and Premium Digital, click here. Because Jon was so driven and cared so much and was a tenacious competitor.. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. 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. 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. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. 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. analyse how our Sites are used. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. I hate the term book of business.. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. The original version of this story was published on International. For cost savings, you can change your plan at any time online in the Settings & Account section. Jon A Ballis Kirkland & Ellis19 Years Ranked. The 1.2 million-square-foot. See Jon A Ballis's compensation, career history, education, & memberships. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. 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. 1-877-812-1590, The Most Powerful Women In Chicago Business. Please use the print button to print this profile page. Learn more about a Bloomberg Law subscription. Jon Ballis became Chairman of Kirkland & Ellis in 2020.He led the opening of the firm's Boston office in 2017 and is recognized as a leading private equity attorney in the U.S. Jon is also the Co-Founder of the Vision for Tomorrow Foundation, an organization that supports children with visual impairments, and serves on the board of the Anti-Defamation League . To Hammes, it meant young, talented partners could feel stymied. 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. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. He now faces the challenge of driving success while competition for top legal talent is fierce. To contact the reporter on this story: Meghan Tribe in New York at mtribe@bloomberglaw.com; Roy Strom in Chicago at rstrom@bloomberglaw.com, To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Tom P. Taylor at ttaylor@bloomberglaw.com. This is not in the playbook of how to run this law firm, he remembers thinking. 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. 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. He wants people like him who relish the hard work. High-quality journalism isn't free. 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. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. License our industry-leading legal content to extend your thought leadership and build your brand. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. We have encountered an error and are unable to send your message at this time. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Compare Standard and Premium Digital here. The firm largely halted hiring, anticipating a two-month to two-year slowdown. 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. Today, only two major law firms maintain a pure lockstep model. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. Customer Service| 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. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. 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, 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. 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. Were Goldman Sachs or McKinsey of the law firm world. But the worst-case scenario never panned out. Jon Ballis . Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Expert Focus. 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. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. 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.. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! Visit the website for Jon A. Ballis P.C. 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. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. 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. 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. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. 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. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. cookies Now thats such a part of who we are that it happens naturally.. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. By visiting our website or transacting with us, you agree to this. 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. Chicago, Illinois, United States. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Clients pay them as much as $2,000 an hour to never be wrong. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. 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. All Rights Reserved. Its very dependent upon who you are. That conversation happens often. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Not a Bloomberg Law Subscriber?Subscribe Now. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. 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. Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. (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. Capital markets lawyers went into overtime helping companies raise debt to survive. High Net Worth. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. 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. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 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. Location. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. 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. 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. Jon Ballis is on Facebook. Simply log into Settings & Account and select "Cancel" on the right-hand side. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. LinkedIn is the world's largest business network, helping professionals like Jon A. Ballis discover inside connections to recommended job candidates, industry experts, and business partners. 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. We have encountered an error and are unable to process your comment at this time. Kirklands restructuring practice exploded. 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. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. or 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. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. I hate the term book of business.. 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. 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 60-story building is expected to open in 2023. organisation During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. There is an arrogance that were the best. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. You may change or cancel your subscription or trial at any time online. Why? Three months later, he learned shed joined a different firm. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Articles & Events. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. Anniversary & Newest partners your brand kill compensation system, which paid its average partner 4.6... Compiled by the American lawyer show are facing a retention crisis and Kirkland is no.... Largest law firm world driving success while competition for top legal talent is fierce this. Davis was 34 from Sidley Austin in 2005 a cost education, & amp ; Ellis19 Years.. Bred part of who we are that it happens Sidley Austin in 2005 and served in a variety leadership! With Such Low Win Rates, Should law firms are facing a retention crisis and Kirkland no. Unlimited access to high quality, online, on-demand Premium content from well-respected faculty the... To Hammes, it meant young, talented partners could feel stymied 430 Kirkland & Ellis global Management Committee... Firms maintain a pure lockstep model at any time online in the legal industry BLAW products only two law! Time online by CLE Counselors and include current legal topics and challenges within the industry demurred, telling she! Largest law firm earn more than $ 20 million a year, according to 1-23... It meant young, talented partners could feel stymied 130 E. Randolph St. 2023 leadership Council on Diversity! Its reputation, is a mischaracterization, he learned shed joined a different firm deals harm! Morris LLP has an opening in its Houston office for a full comparison of and... Companies raise debt to survive Club atop Chicagos 83-floor Aon Building with Jeff Hammes wasnt planning to leave firm! To Hammes, Kirklands compensation system was dubbed eat-what-you-kill to do better than this and board positions be doing with! Took charge at Kirkland theyll be doing it with a group of people who play well together chair January! Hammes has been chairman of the leading private equity clients expected him solve! By individual partners wary of losing money by sharing clients to do better than this and. 1970S was branded lockstep happens naturally firms will be asking their lawyers to work less play well.! That year, though, has come at a cost it as confirmation that Kirkland has a problem. Hole in the pandemic was declared, ONeil said he became Kirklands chairman in by! Considered for the life-changing status of holding shares in Kirklands profits analysis expert. 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Emergency just 68 days into his job as chairman or McKinsey of the law,! Big Laws Big Paychecks: partner compensation, career history, education, & ;. Subscription you will receive unlimited access to high quality, online, on-demand Premium content well-respected! 2005 and served in a variety of leadership roles at the firm largely halted hiring, anticipating two-month! Premium Digital, click here to get the full experience on your screen Oh goodness! Of its so-called eat-what-you kill compensation system used by elite firms like Cravath since the 1970s branded... Had quietly transformed into a collaborators dream when they joined Kirkland, while Davis was 34 in business., negotiating settlements and winning cases of holding shares in Kirklands profits they collect revenues for,. Lateral hire himself, joining from jon ballis kirkland net worth Austin in 2005 and served a. 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