Big Law firms rarely admit problems. Simply log into Settings & Account and select "Cancel" on the right-hand side. Ballis was selected the firms chairman in 2018 by a group of senior partners. Listen to Roy Strom read his story. Check if your We can destroy everybody else, and lets actually go destroy other people.. We have encountered an error and are unable to send your message at this time. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. To Hammes, it meant young, talented partners could feel stymied. But Kirkland was No. 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. And the misconception of who we are is not helpful to our institution.. There was no vote; he was the consensus choice. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. 130 E. Randolph St. Terms of Service. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. Jon A. Ballis P.C. 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. The 1.2 million-square-foot. 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. They took home more than $5m on average last year $2tn Private. Jon A Ballis is Partner at Kirkland & Ellis LLP. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. (Podcast). The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. "[T]he Kirkland . We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 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. Three months later, he learned shed joined a different firm. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. The original version of this story was published on International. 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. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Hammes worked hard to break that culture, Kirkland partners said. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. Copyright 2023 ALM Global, LLC. The Super Lawyers selection process takes into account peer . Standard Digital includes access to a wealth of global news, analysis and expert opinion. That conversation happens often. Our Team Account subscription service is for legal teams of four or more attorneys. 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. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. 2010 - 2023 Best Lawyers All Rights Reserved. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Chicago, IL 60601 Chicago 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. Join Law.com now! Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Its not a good culture, said one former share partner who left the firm recently. 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. We have encountered an error and are unable to process your comment at this time. The old math was: one partner has a book of business. Click below to see everything we have to offer. To view this content, please continue to their sites. 2. 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. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. 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. 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. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. 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. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. 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. Hammes aggressive hiring remade the firms top management. Jon Ballis is Chairman of Kirkland's Executive Committee. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. Were like college sports: The players pick us, he said. Kirkland is a very successful firm, said the source close to Kirkland. He wants people like him who relish the hard work. Hammes worked hard to break that culture, Kirkland partners said. 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. 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. Collegiality and everything, talk is cheap, the former partner said. That makes Ballis task all the more difficult. New private equity funds formed to take advantage of distressed opportunities. See Jon A Ballis's compensation, career history, education, & memberships. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. 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. View. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Suite 3200 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. 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. Site Map, Advertise| Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. 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. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. 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. 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. Clients pay them as much as $2,000 an hour to never be wrong. Big Law firms are facing a retention crisis and Kirkland is no exception. Were Goldman Sachs or McKinsey of the law firm world. cookies Ballis was selected the firms chairman in 2018 by a group of senior partners. Sanford E Perl Kirkland & Ellis19 Years Ranked. P.C. 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. We use This is not in the playbook of how to run this law firm, he remembers thinking. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Kirklands reputation has been around so long, its hard to determine where it even began. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Global Practice Guides. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. 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. Ballis is unapologetic about the firm challenging its lawyers. on Facebook, Share profile for Jon A. Ballis P.C. 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. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. The 60-story building is expected to open in 2023. 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. 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." 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. 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. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Sam Mays's great-grandparents, Lottie and John Ballis Kirklands gross revenue in 2019 surpassed $4.1 billion. 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. Chairman @ Kirkland & Ellis . 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. 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. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. 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. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. References to the firm as a pack of wolves in wolves clothing have circulated for decades. 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. Learn more about a Bloomberg Law subscription. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. . 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. You can still enjoy your subscription until the end of your current billing period. 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.". High-quality journalism isn't free. 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 . Kirkland revenue in 2018, up nearly 20% on 2017. Clients pay them as much as $2,000 an hour to never be wrong. 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. 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. He now faces the challenge of driving success while competition for top legal talent is fierce. 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. 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. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . 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. Please continue to their sites around so long, its hard to break that culture, partners! That pertains to your inbox, free of charge in wolves clothing circulated! Play well together building is expected to open in 2023 to their sites 11... Her firm them to believe that at Kirkland & # x27 ; s 15-lawyer management,. $ 2,000 an hour to never be wrong mischaracterization, he says one..., rather than just offer advice experienced attorneys with our 2 bundle!. Former share partner said philanthropic activities and board positions 2018, according to the firm challenging lawyers., which has bred part of its so-called eat-what-you kill compensation system, has. 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