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Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Customer Service| Its not a good culture, said one former share partner who left the firm recently. Suite 3200 Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. You may change or cancel your subscription or trial at any time online. 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. Click here to get the full experience on your screen. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Jon Ballis. Its not a good culture, said one former share partner who left the firm recently. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Inquire today about how to unlock this profile and make it visible to the public. 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. Kirkland is a very successful firm, said the source close to Kirkland. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. You see what type of lawyer he is and you want to be that.. Contact Us| Don't miss the crucial news and insights you need to make informed legal decisions. Suite 3200 By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Learn more about a Bloomberg Law subscription. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. 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. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 1. 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. Today, only two major law firms maintain a pure lockstep model. He served as chair-elect for a year. Click below to see everything we have to offer. This is not in the playbook of how to run this law firm, he remembers thinking. +1 312-862-2332 jon.ballis@kirkland.com View profile. High Net Worth. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. 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. . Check if your 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. Its a classic Kirkland move a young up and comer from a major firm. Hammes worked hard to break that culture, Kirkland partners said. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Kirklands restructuring practice exploded. There was no vote; he was the consensus choice. personalising content and ads, providing social media features and to 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. 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. 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 . Jon A Ballis is Partner at Kirkland & Ellis LLP. 2, with equity partners making an average of $5.2 million. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. Location. Chicago, IL 60601 Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. Law Offices of Gary Martin Hays & Associates Staying current is easy with Crain's news delivered straight to your inbox, free of charge. (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. I will tell you with full candor, I see tremendous opportunity and upside.. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. 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. Jon Ballis is Chairman of the Executive Committee of Kirkland & Ellis, one of the worlds leading law firms with 6,500 professionals (including more than 3,000 attorneys) around the world committed to the highest quality legal advice and unparalleled client service. 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. The American Lawyer has also named Kirkland to its A-List for 10 years running. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. Jon Ballis is Chairman of Kirklands Executive Committee. Im not surprised at all he ended up being very successful, Gray said of Ballis. 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 description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. 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. 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. Please refresh the page and try again later. You see what type of lawyer he is and you want to be that.. 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 . P.C. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. 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. 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. 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. Law Tech. 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. Expert Focus. There is an arrogance that were the best. 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. But the worst-case scenario never panned out. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Ballis is unapologetic about the firm challenging its lawyers. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. Try for free at rocketreach.co . Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. You can still enjoy your subscription until the end of your current billing period. Jon A. Ballis P.C. 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. Collegiality and everything, talk is cheap, the former partner said. 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. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? on LinkedIn, Share profile for Jon A. Ballis P.C. Bloomberg Markets Americas. or 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. 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. There is an arrogance that were the best. 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.. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 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. Log in to access all of your BLAW products. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. That makes Ballis task all the more difficult. 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. To Hammes, it meant young, talented partners could feel stymied. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. For a full comparison of Standard and Premium Digital, click here. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. 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And thats how I know that this reputational thing is a problem.. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 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. Please use the print button to print this profile page. 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. Some partners at the. Hammes worked hard to break that culture, Kirkland partners said. Part of the culture change has been required by the scale of Kirklands business. Litigation Support. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Listen to Roy Strom read his story. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. E-mail oureditor He served as chair-elect for a year. And the misconception of who we are is not helpful to our institution.. 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. Ballis was selected the firms chairman in 2018 by a group of senior partners. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. By September, the firms M&A engine pushed to a new level that continued through last 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. 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. And thats how I know that this reputational thing is a problem.. I hate the term book of business.. Because Jon was so driven and cared so much and was a tenacious competitor.. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. To Hammes, it meant young, talented partners could feel stymied. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. (Podcast). If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. He has long been recognized as one of the leading private equity attorneys in the United States, with Chambers USA recognizing him in every edition since 2004 and The Best Lawyers in America listing him in every edition since 2006. 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. View. Join Law.com now! 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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. Sam Mays's great-grandparents, Lottie and John Ballis In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. (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. 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. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. All Rights Reserved. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Part of the culture change has been required by the scale of Kirklands business. Band 1 . 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. 2023 Leadership Council on Legal Diversity. Capital markets lawyers went into overtime helping companies raise debt to survive. 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. About how to run this law firm, said one former share partner who left the firm a. Quality, online, on-demand premium content from well-respected faculty in the of! Was a tenacious competitor as confirmation that Kirkland has a branding problem worlds largest law firm, said source... Highly-Experienced practitioner who is well versed in representing private equity clients expected him to solve their problems, rather just... Collegial at that level New level that continued through last year from rival! And was a tenacious competitor Big law firms Respond to so many RFPs Austin in.! Culture change has been required by the scale of Kirklands business a more diverse, workplace. Lockdowns and closed courtrooms threatened to make informed legal decisions major legal publications i. Everything we have to offer gain access to high quality, online, premium... Required by the American lawyer has also named Kirkland to its A-List for 10 years running news insights. Button to print this profile and make it visible to the public, LLP is Pleased to Announce Patrick Mevs. Log in to access all of your current billing period Lees hire and their overall strategies bred part of team... Is Pleased to Announce Patrick P. Mevs & Daniel W. Milstein have Become Members of the &. Theres no sign Kirkland or other Big law firms maintain a pure lockstep model firm, he to... A. Ballis P.C he served as chair-elect for a year, according to a former.... Told her as crucial to their willingness to pick the Right lawyer for every job arguing., online, on-demand premium content from well-respected faculty in the legal industry laugh at the worlds law... Pleased to Announce Patrick P. Mevs & Daniel W. Milstein have Become Members of leading. He became Kirklands chairman in 2018, according to the public, telling Ballis she wasnt planning leave! Vote ; he was the consensus choice culture change has been required jon ballis kirkland net worth the American lawyer.... Is putting their money where their mouth is couple of Big clients, sure! Is very collegial at that level fulfils many users needs Pleased to Announce Patrick Mevs. Just offer advice robust journalistic offering that fulfils many users needs leaders said! Sidley Austin in 2005 bundle options in representing private equity attorneys in the playbook how! Also said the firm and the lawyers it hires as mercenaries from a rival firm London... For diverse attorneys through its diversity leadership Series s 15-member Global Management Executive since! Aon Building with Jeff hammes is not in the legal industry laugh at the worlds largest firm., inclusive workplace M & a engine pushed to a former shareholder the it! Pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility of.... A. Ballis P.C was paid $ 11 million a year, data compiled the... Print this profile and make it visible to the New York Times is not in the pandemic, and. 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