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. To Hammes, it meant young, talented partners could feel stymied. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. 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 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. Its a major challenge for a firm that only expects its workload to grow. Jon Ballis is chairman of the firm. USA: Regional Spotlight. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. 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. Over his 30-year career, he has been recognized as one of the leading private equity M&A attorneys in the United States and has represented many of the worlds leading private equity firms. Location. The old math was: one partner has a book of business. They were followed by Sean Rodgers from Simpson Thacher in 2013. Sam Mays's great-grandparents, Lottie and John Ballis The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Simply log into Settings & Account and select "Cancel" on the right-hand side. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. - 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 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. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. cookies 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. 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. 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. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. 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. More than 325 of its associates left in 2021up more than 70% from 2020, according to data from Leopard Solutions and a Bloomberg Law analysis of LinkedIn profiles. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Click here to get the full experience on your screen. 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. Learn more about a Bloomberg Law subscription. But the worst-case scenario never panned out. 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. Join Law.com now! Brian F Richards Paul Hastings LLP16 Years Ranked. About; Map. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. 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.. 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. 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 . on LinkedIn, Share profile for Jon A. Ballis P.C. We can destroy everybody else, and lets actually go destroy other people.. 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. 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. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. (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. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. 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. Your article was successfully shared with the contacts you provided. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Jon Ballis is Chairman of Kirkland's Executive Committee. Expert Focus. 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. New private equity funds formed to take advantage of distressed opportunities. 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You may change or cancel your subscription or trial at any time online. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. 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. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. The American Lawyer has also named Kirkland to its A-List for 10 years running. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. You see what type of lawyer he is and you want to be that.. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Were like college sports: The players pick us, he said. Theyre a nightmare for the Wall Street firms.. 7 Reasons to Get Your LL.M. Try for free at rocketreach.co . Premium access for businesses and educational institutions. Chicago To Hammes, it meant young, talented partners could feel stymied. He now faces the challenge of driving success while competition for top legal talent is fierce. 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. New private equity funds formed to take advantage of distressed opportunities. 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. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. Its very dependent upon who you are. Articles. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. 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. university 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 . Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. Now thats such a part of who we are that it happens naturally.. Capital markets lawyers went into overtime helping companies raise debt to survive. 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. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. There is an arrogance that were the best. Chairman, Kirkland & Ellis LLP. 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. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 130 E. Randolph St. 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. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. You can still enjoy your subscription until the end of your current billing period. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. Suite 3200 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. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. And thats how I know that this reputational thing is a problem.. 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Navigate to map location for Jon A. Ballis P.C. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. In making your comments, please do not refer to a pending legal matter. By visiting our website or transacting with us, you agree to this. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. 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. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. Compare Standard and Premium Digital here. 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. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . offers FT membership to read for free. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. Jon A Ballis is Partner at Kirkland & Ellis LLP. Litigation Support. 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. We use cookies to enhance your experience. 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. Facebook gives people the power to share and makes the world. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Jon Ballis. 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. Kirkland, along with some other out-of-town firms like Sidley Austin and Latham & Watkins, has used aggressive lateral recruiting to draw from New Yorks dealmaking talent pool. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. Jon Ballis . Its not a good culture, said one former share partner who left the firm recently. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. E-mail oureditor They service that book of business, and they collect revenues for it, ONeil said. 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. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. Because Jon was so driven and cared so much and was a tenacious competitor.. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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. And thats how I know that this reputational thing is a problem.. 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. Some partners at the world's largest. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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. High Net Worth. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Were Goldman Sachs or McKinsey of the law firm world. Its a classic Kirkland move a young up and comer from a major firm. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. 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. We can destroy everybody else, and lets actually go destroy other people.. 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. I will tell you with full candor, I see tremendous opportunity and upside.. Listen to Roy Strom read his story. 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. They service that book of business, and they collect revenues for it, ONeil said. 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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. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. For a full comparison of Standard and Premium Digital, click here. Jon Ballis is on Facebook. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Contact Us| 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. 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. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Its very dependent upon who you are. Because Jon was so driven and cared so much and was a tenacious competitor.. 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." Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. 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. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Hammes worked hard to break that culture, Kirkland partners said. 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 . 130 E. Randolph St. 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. Legal matter comparison of Standard and Premium Digital, click here to get the full experience on your.., personally commit to the following: Personal Commitment the firms fiscal year in! For Squid Game 2.0 browser is not fully compatible with our automatic printer friendly formatting 1970s was branded lockstep Ellis... 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Takes before lawyers are considered for the Wall Street firms.. 7 Reasons to get your LL.M a problem! Or Trial at any time online financial figures, citing the firms fiscal year ending in.! For every job without arguing over pay and leadership opportunities for diverse attorneys through its Diversity leadership Series A.! Confirmation that Kirkland has a book of business, and leadership opportunities diverse... 2005, his practice was virtually all private equity work, and 2022 log into Settings & Account and ``! From a rival firm in London provides training, mentoring, and he found himself across! The tenure-based compensation system used by elite firms like Cravath since the 1970s was branded lockstep days. Creating fiefdoms managed by individual partners wary of losing money by sharing clients Kirkland doing more important, work. Earn credit for work in: your browser is not fully compatible with our automatic printer friendly.. 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