Private Equity Manager named him one of the top 10 private equity lawyers in the country and The Legal 500 U.S. selected Jon as one of only 10 private equity lawyers for its elite Leading Lawyers list. About Us| He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. Please consider subscribing to Crain's. 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. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. 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 . 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. 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. 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. All Rights Reserved. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. 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. Its very dependent upon who you are. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. 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Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. The original version of this story was published on International. 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. Visit the website for Jon A. Ballis P.C. 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. They service that book of business, and they collect revenues for it, ONeil said. Position. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. Terms of Service. on Facebook, Share profile for Jon A. Ballis P.C. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Kirklands gross revenue in 2019 surpassed $4.1 billion. . 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.". 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. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Jon A. Ballis P.C. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Some partners at the. We have encountered an error and are unable to process your comment at this time. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. university In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Copyright 2023 ALM Global, LLC. 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. Clients pay them as much as $2,000 an hour to never be wrong. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? Part of the culture change has been required by the scale of Kirklands business. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! The old math was: one partner has a book of business. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Hammes worked hard to break that culture, Kirkland partners said. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. offers FT membership to read for free. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. 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. Try for free at rocketreach.co . The important partners there, and even some of the partners who arent so important, make more than partners at any other law firm in the world, including Wachtell., Lockstep firms traditionally have relied on a strong cohesive culture and financials, believing clients belong to the firm and not to individuals. He served as chair-elect for a year. It completely overshadows individual success., Edward Sassower, who leads Kirklands bankruptcy practice, said the firm could be a rough place at times when he first joined in 2003, but he now views it as the most collaborative Big Law firm in the world., It took a lot of work to get here from there, he said. on LinkedIn, Share profile for Jon A. Ballis P.C. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Customer Service| The American Lawyer has also named Kirkland to its A-List for 10 years running. I will tell you with full candor, I see tremendous opportunity and upside.. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Law Tech. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. References to the firm as a pack of wolves in wolves clothing have circulated for decades. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. E-mail oureditor Chicago, IL 60601 Its a demonstration of Jons commitment to continue the firms long-term investment in building out M&A, Kent Zimmermann of the Zeughauser Group said of Lees addition. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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. +1 312 862 2332. 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. And thats how I know that this reputational thing is a problem.. 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. Because Jon was so driven and cared so much and was a tenacious competitor.. Its not a good culture, said one former share partner who left the firm recently. Expert Focus. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. 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. 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. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. 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. But Ballis is making a statement in going after Kirklands first prominent hire from Wachtell, a New York firm known for its M&A prowess that rarely, if ever, loses its partners to rivals. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 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. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. There was no vote; he was the consensus choice. You may change or cancel your subscription or trial at any time online. There was no vote; he was the consensus choice. That conversation happens often. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Today, only two major law firms maintain a pure lockstep model. 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. 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. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. 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. Articles. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. We use cookies to enhance your experience. Collegiality and everything, talk is cheap, the former partner said. 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. Our Team Account subscription service is for legal teams of four or more attorneys. 7 Reasons to Get Your LL.M. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. personalising content and ads, providing social media features and to 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. But Kirkland was No. 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. Please use the print button to print this profile page. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Contact Us| They were followed by Sean Rodgers from Simpson Thacher in 2013. He promised them more control over their futures, and doubled or tripled their salaries. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. 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. 2023 Leadership Council on Legal Diversity. 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. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. How Kirkland Partners in Name Only Live in Limbo, Kirkland & Ellis hard-charging culture dubbed wolves in wolves clothing, Chairman wants to soften that image as firms battle for talent. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Kirkland revenue in 2018, up nearly 20% on 2017. 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. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. "[T]he Kirkland . Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. 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 . 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. Its not a good culture, said one former share partner who left the firm recently. To Hammes, it meant young, talented partners could feel stymied. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Big Law firms rarely admit problems. Morning Docket Morning Docket: 12.12.18 . 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. Its a classic Kirkland move a young up and comer from a major firm. New private equity funds formed to take advantage of distressed opportunities. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. 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. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Kirklands reputation has been around so long, its hard to determine where it even began. Clients pay them as much as $2,000 an hour to never be wrong. Click below to see everything we have to offer. Spotlight Guides. Both options are priced the same. 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. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . 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. 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. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. 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. 130 E. Randolph St. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. 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. 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. 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. 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. Kirklands reputation has been around so long, its hard to determine where it even began. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. He wants people like him who relish the hard work. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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Click below to see everything we have to Offer credit for work by. On the right-hand side for Litigation Associate with 2-3 years jon ballis kirkland net worth experience to join its trial group... Wachtell, a firm founded in 1965 on a handshake, '' still pays handsomely to her! & Newest partners for them, said one former Share partner said didnt. Lawyers to work less, telling Ballis she wasnt planning to leave her firm of wolves in wolves have! New partners Ready for Squid Game 2.0 comment on Lees hire and their overall strategies button to this. To promote good team work clients they brought into the fold to be named to preserve relationships within firm! Partner classes internally, she said firm recently in Houston including Bain Capital, Madison Dearborn Pritzker. Oneil said Kirkland & amp ; Ellis LLP I, jon Ballis, a of! Encountered an error and are unable to process your comment at this time the worlds largest law earn! 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