The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Work. Clients are incentivized to spread their work around, Jungers said, so if partners think they can take work with them and firms like Kirkland are willing to pay them millions more, theres a real question of whether culture will keep them from moving. (Courtesy photos) Kirkland & Ellis Names New Chairman to Replace Jeffrey Hammes Jon Ballis, a Chicago-based corporate partner who has become one of Kirkland's best-known private equity. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. 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. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Collegiality and everything, talk is cheap, the former partner said. We can destroy everybody else, and lets actually go destroy other people.. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Please consider subscribing to Crain's. Jon Ballis is Chairman of Kirklands Executive Committee. 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. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. 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. Chicago, Illinois, United States. 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. 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." Click below to see everything we have to offer. Join Facebook to connect with Jon Ballis and others you may know. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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. Both options are priced the same. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. 2. 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. Customer Service| He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. personalising content and ads, providing social media features and to Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Site Map, Advertise| Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Kirklands reputation has been around so long, its hard to determine where it even began. Ballis is unapologetic about the firm challenging its lawyers. 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 wants people like him who relish the hard work. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? I hate the term book of business.. But Kirkland was No. To Hammes, it meant young, talented partners could feel stymied. I know this sounds insecure, but I hear often that you are a tough place to work, and its not worth it, Ballis said in a series of interviews in recent months. The 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. Jon Ballis's Email & Phone Number Chairman @ Kirkland & Ellis LLP. university 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. Were Goldman Sachs or McKinsey of the law firm world. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. You see what type of lawyer he is and you want to be that.. 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. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Contact Us| 7 Reasons to Get Your LL.M. That makes Ballis task all the more difficult. 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Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. The firm largely halted hiring, anticipating a two-month to two-year slowdown. 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. This is not in the playbook of how to run this law firm, he remembers thinking. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . Location. Sam Mays's great-grandparents, Lottie and John Ballis 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. They service that book of business, and they collect revenues for it, ONeil said. We use cookies to enhance your experience. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. Big Law firms are facing a retention crisis and Kirkland is no exception. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. 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. Navigate to map location for Jon A. Ballis P.C. New private equity funds formed to take advantage of distressed opportunities. He liked how private equity clients expected him to solve their problems, rather than just offer advice. 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. (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. 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. 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. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. 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. 130 E. Randolph St. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Expert Focus. Collegiality and everything, talk is cheap, the former partner said. High Net Worth. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. You see what type of lawyer he is and you want to be that.. The old math was: one partner has a book of business. He now faces the challenge of driving success while competition for top legal talent is fierce. 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Capital markets lawyers went into overtime helping companies raise debt to survive. 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. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. 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 the misconception of who we are is not helpful to our institution.. 2010 - 2023 Best Lawyers All Rights Reserved. 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. Litigation Support. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. Please use the print button to print this profile page. 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. . Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. Our Team Account subscription service is for legal teams of four or more attorneys. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Ballis was selected the firms chairman in 2018 by a group of senior partners. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). We support credit card, debit card and PayPal payments. Check if your . That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. 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 early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Its a major challenge for a firm that only expects its workload to grow. There was no vote; he was the consensus choice. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. Brian F Richards Paul Hastings LLP16 Years Ranked. . Articles. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 1. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Compare Standard and Premium Digital here. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. E-mail oureditor 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. 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. 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. Some partners at the world's largest. 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. There was no vote; he was the consensus choice. - 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 Im not surprised at all he ended up being very successful, Gray said of Ballis. Its a classic Kirkland move a young up and comer from a major firm. 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. The firm largely halted hiring, anticipating a two-month to two-year slowdown. That conversation happens often. (Podcast). 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. 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. Today, only two major law firms maintain a pure lockstep model. 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. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Big Law firms are facing a retention crisis and Kirkland is no exception. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. When asked what would motivate a young high-performing partner to stay at a firm that pays based on years of service rather than achievement Lipton responded, Money isnt the last thing in their lives.. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. 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. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 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. Hammes aggressive hiring remade the firms top management. +1 312 862 2332. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! 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. Law Offices of Gary Martin Hays & Associates 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 eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Kirkland revenue in 2018, up nearly 20% on 2017. 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. 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. 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. 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. By September, the firms M&A engine pushed to a new level that continued through last year. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. offers FT membership to read for free. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Please refresh the page and try again later. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. Clients pay them as much as $2,000 an hour to never be wrong. Three months later, he learned shed joined a different firm. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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. Try for free at rocketreach.co . 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. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. 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. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . So for the first time, he wants to address head-on the thing he thinks is limiting Kirkland from reaching even greater heights: Too many recruits think his firm is a den of wolves, where sharp-elbowed lawyers work grueling hours while looking out for their own good. 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