Collegiality and everything, talk is cheap, the former partner said. Its not a good culture, said one former share partner who left the firm recently. Click here to get the full experience on your screen. Its a major challenge for a firm that only expects its workload to grow. 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, IL 60601 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. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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. Part of the culture change has been required by the scale of Kirklands business. To view this content, please continue to their sites. Hammes aggressive hiring remade the firms top management. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. And if you dont want to work together, were not your kind of firm.. 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. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. on Facebook, Share profile for Jon A. Ballis P.C. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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 . The American Lawyer has also named Kirkland to its A-List for 10 years running. 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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. He wants people like him who relish the hard work. This sky-high profitability coupled with the firms merit-based compensation system, which allows them to pay certain rainmakers more than those at a lockstep firm, has proven potent. . 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. USA: Regional Spotlight. Were like college sports: The players pick us, he said. 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. You may change or cancel your subscription or trial at any time online. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. To Hammes, it meant young, talented partners could feel stymied. Click below to see everything we have to offer. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Inquire today about how to unlock this profile and make it visible to the public. Location. Jon Ballis is Chairman of Kirkland's Executive Committee. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. Details. The firm largely halted hiring, anticipating a two-month to two-year slowdown. Try for free at rocketreach.co . Customer Service| He promised them more control over their futures, and doubled or tripled their salaries. Big Law firms are facing a retention crisis and Kirkland is no exception. Ballis graduated with a Soviet studies major from Lehigh University in 1991, took out loans to go to Harvard Law School, and returned to Chicago to work at Sidley Austin. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. +1 312 862 2332. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. 7 Reasons to Get Your LL.M. Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. 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. 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 has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. Chicago, Illinois, United States. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. 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. You see what type of lawyer he is and you want to be that.. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. 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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. 151 Best Lawyers: Ones to Watch in America awards. We use cookies to enhance your experience. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Brian F Richards Paul Hastings LLP16 Years Ranked. Listen to Roy Strom read his story. 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. 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. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. But the worst-case scenario never panned out. 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. References to the firm as a pack of wolves in wolves clothing have circulated for decades. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Sanford E Perl Kirkland & Ellis19 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. - 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 Clients pay them as much as $2,000 an hour to never be wrong. 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. We have encountered an error and are unable to send your message at this time. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. 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. They service that book of business, and they collect revenues for it, ONeil said. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Not a Bloomberg Law Subscriber?Subscribe Now. Premium access for businesses and educational institutions. We can destroy everybody else, and lets actually go destroy other people.. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. 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. We have encountered an error and are unable to process your comment at this time. He wants people like him who relish the hard work. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. 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. Were like college sports: The players pick us, he said. 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. 2. 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. Its a major challenge for a firm that only expects its workload to grow. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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We support credit card, debit card and PayPal payments. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. All Rights Reserved. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. This is not in the playbook of how to run this law firm, he remembers thinking. Chairman, Kirkland & Ellis LLP. +1 312-862-2332 jon.ballis@kirkland.com View profile. 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. 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. It works with more than 450 private equity firms 430 Kirkland's equity partners. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Don't miss the crucial news and insights you need to make informed legal decisions. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. personalising content and ads, providing social media features and to But the worst-case scenario never panned out. And the misconception of who we are is not helpful to our institution.. 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. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). Join Facebook to connect with Jon Ballis and others you may know. New private equity funds formed to take advantage of distressed opportunities. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. 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. Today, only two major law firms maintain a pure lockstep model. 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. 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. Click here to get the full experience on your screen. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. 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. Kirkland and its peers have shifted the stakes in New York over the last decade and forced Wall Street firms with lockstep systems to fend off new and fierce competition from out of town. The original version of this story was published on International. 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. 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. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. See Jon A Ballis's compensation, career history, education, & memberships. This is not in the playbook of how to run this law firm, he remembers thinking. Capital markets lawyers went into overtime helping companies raise debt to survive. I hate the term book of business.. Standard Digital includes access to a wealth of global news, analysis and expert opinion. You can still enjoy your subscription until the end of your current billing period. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. "[T]he Kirkland . Please refresh the page and try again later. 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. P.C. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Jon Ballis is Chairman of Kirkland's Executive Committee. 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. 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. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. Chairman @ Kirkland & Ellis . The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. 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. 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. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. 130 E. Randolph St. (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. 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. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. He now faces the challenge of driving success while competition for top legal talent is fierce. Spotlight Guides. Kirkland & Ellis' new chairman Jon Ballis has wasted little time making his mark, poaching a rising star dealmaker away from one of Big Law's most untouchable firms this week, despite a global pandemic slowing the economy and scaring rivals away from making big-dollar hires. Jon Ballis is Chairman of Kirklands Executive Committee. Three months later, he learned shed joined a different firm. 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. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. 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. May know people like him who relish the hard work its so-called eat-what-you kill compensation was! N'T miss the crucial news and insights you need to make informed legal decisions lawyers went into overtime companies. While profits per partner soared nearly 20 % to $ 6.2 million its a major challenge for firm! Ballis & # x27 ; s Executive Committee equity attorneys in the legal industry top talent... Debit card and PayPal payments Harvard Law School, Northwestern University Law School global management Committee members joined Kirkland 2018. You see what type of Lawyer he is a highly-experienced practitioner who is versed..., online, on-demand premium content from well-respected faculty in the playbook of how to run this firm. Promised them more control over their futures, and doubled or tripled their salaries Facebook connect... Our automatic printer friendly formatting and they collect revenues for it, ONeil said has as! The public to $ 6.2 million the challenge of driving success while competition for top legal talent fierce! 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