Im not surprised at all he ended up being very successful, Gray said of Ballis. Copyright 2023 ALM Global, LLC. . And if you dont want to work together, were not your kind of firm.. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. organisation The old math was: one partner has a book of business. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. Capital markets lawyers went into overtime helping companies raise debt to survive. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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. 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 . Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. 1. The 1.2 million-square-foot. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. 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 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. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. 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. They service that book of business, and they collect revenues for it, ONeil said. 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. We have encountered an error and are unable to send your message at this time. 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. 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. 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(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. 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." 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. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. License our industry-leading legal content to extend your thought leadership and build your brand. 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. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. New private equity funds formed to take advantage of distressed opportunities. Now thats such a part of who we are that it happens naturally.. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. cookies 151 Best Lawyers: Ones to Watch in America awards. Inquire today about how to unlock this profile and make it visible to the public. Were Goldman Sachs or McKinsey of the law firm world. 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 . Law Offices of Gary Martin Hays & Associates 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. Sam Mays's great-grandparents, Lottie and John Ballis 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. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. See Jon A Ballis's compensation, career history, education, & memberships. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. 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. There was no vote; he was the consensus choice. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. Suite 3200 Some partners at the. Chairman @ Kirkland & Ellis . Jon Ballis is Chairman of Kirkland's Executive Committee. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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. Ballis is unapologetic about the firm challenging its lawyers. Log in to access all of your BLAW products. By September, the firms M&A engine pushed to a new level that continued through last year. analyse how our Sites are used. Location. Customer Service| To Hammes, it meant young, talented partners could feel stymied. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. +1 312-862-2332 jon.ballis@kirkland.com View profile. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. He liked how private equity clients expected him to solve their problems, rather than just offer advice. While Ballis admits Kirkland demands much of its people, his argument that the firm is misunderstood boils down to this: He says its been working to ferret out selfish, greedy behavior for more than a decade. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. Expert Focus. Hammes worked hard to break that culture, Kirkland partners said. 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.". Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Clients describe Jon as a go-to guy in the marketplace, a lawyer with stellar legal judgement, and someone with the ability to take a big picture, strategic perspective on transactions.. Big Law firms rarely admit problems. The 60-story building is expected to open in 2023. New private equity funds formed to take advantage of distressed opportunities. 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. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Today, only two major law firms maintain a pure lockstep model. 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. He served as chair-elect for a year. Its not a good culture, said one former share partner who left the firm recently. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. 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. High Net Worth. In making your comments, please do not refer to a pending legal matter. Kirklands gross revenue in 2019 surpassed $4.1 billion. But the worst-case scenario never panned out. Jon A Ballis is Partner at Kirkland & Ellis LLP. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Jon Ballis is chairman of the firm. 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. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Spotlight Guides. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. About; Map. 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. Your article was successfully shared with the contacts you provided. Jon Ballis is Chairman of Kirkland's Executive Committee. Our Team Account subscription service is for legal teams of four or more attorneys. 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. 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. The American Lawyer has also named Kirkland to its A-List for 10 years running. And thats how I know that this reputational thing is a problem.. P.C. 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 . E-mail oureditor . 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 . Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Part of the culture change has been required by the scale of Kirklands business. Were like college sports: The players pick us, he said. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Clients pay them as much as $2,000 an hour to never be wrong. (Bloomberg) 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. Click here to get the full experience on your screen. 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. Jon Ballis is Chairman of the Executive Committee of Kirkland & Ellis, one of the world's leading law firms with 6,500 professionals (including more than 3,000 attorneys) around the world committed to the highest quality legal advice and unparalleled client service. 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. Compare Standard and Premium Digital here. - 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 Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. 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. He now faces the challenge of driving success while competition for top legal talent is fierce. 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. By visiting our website or transacting with us, you agree to this. About Us| university The potential hire demurred, telling Ballis she wasnt planning to leave her firm. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. 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. Click below to see everything we have to offer. 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. Jon Ballis is on Facebook. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. 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. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . Kirkland is a very successful firm, said the source close to Kirkland. personalising content and ads, providing social media features and to Were like college sports: The players pick us, he said. Law Tech. Today, only two major law firms maintain a pure lockstep model. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . 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. The original version of this story was published on International. 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Litigation Support. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times.
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