+1 312 862 2332. 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. 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. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Ballis is unapologetic about the firm challenging its lawyers. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). Standard Digital includes access to a wealth of global news, analysis and expert opinion. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Were Goldman Sachs or McKinsey of the law firm world. 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. Kirklands gross revenue in 2019 surpassed $4.1 billion. 1-877-812-1590, The Most Powerful Women In Chicago Business. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Jon Ballis's Email & Phone Number Chairman @ Kirkland & Ellis LLP. 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. View. Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. Sanford E Perl Kirkland & Ellis19 Years Ranked. Kirklands reputation has been around so long, its hard to determine where it even began. 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. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 1. This is not in the playbook of how to run this law firm, he remembers thinking. 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. 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. 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. References to the firm as a pack of wolves in wolves clothing have circulated for decades. 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. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. 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. Not a Bloomberg Law Subscriber?Subscribe Now. Our Team Account subscription service is for legal teams of four or more attorneys. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. 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. 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 . Kirklands restructuring practice exploded. Ballis is unapologetic about the firm challenging its 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. (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. 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. Click below to see everything we have to offer. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. Articles. To Hammes, it meant young, talented partners could feel stymied. We can destroy everybody else, and lets actually go destroy other people.. 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 A. Ballis P.C. 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. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. Its a classic Kirkland move a young up and comer from a major firm. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Please consider subscribing to Crain's. Were like college sports: The players pick us, he said. 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. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. 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. 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. Now thats such a part of who we are that it happens naturally.. Ballis was selected the firms chairman in 2018 by a group of senior partners. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. Learn more about a Bloomberg Law subscription. 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. 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. Listen to Roy Strom read his story. Collegiality and everything, talk is cheap, the former partner said. 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. 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. Morning Docket Morning Docket: 12.12.18 . Clients pay them as much as $2,000 an hour to never be wrong. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Since joining Kirkland in 2005, Ballis' practice has focused on. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. You see what type of lawyer he is and you want to be that.. 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. 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. 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. And if you dont want to work together, were not your kind of firm.. Jon Ballis is Chairman of Kirkland's Executive Committee. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. By September, the firms M&A engine pushed to a new level that continued through last year. 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. And thats how I know that this reputational thing is a problem.. offers FT membership to read for free. 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. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. I hate the term book of business.. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Copyright 2023 ALM Global, LLC. That conversation happens often. 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. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. They were followed by Sean Rodgers from Simpson Thacher in 2013. Chicago Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. 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.. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Click here to get the full experience on your screen. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? He now faces the challenge of driving success while competition for top legal talent is fierce. For instance, how much business you generated, how many lawyers you brought in to work on your matters or whether you gave up a client so the firm could advise its more lucrative adversary. P.C. 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. Contact Us| 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 . Some partners at the world's largest. They took home more than $5m on average last year $2tn Private. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 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. Its not a good culture, said one former share partner who left the firm recently. Hammes aggressive hiring remade the firms top management. The American Lawyer has also named Kirkland to its A-List for 10 years running. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Missing Crain's in print? For cost savings, you can change your plan at any time online in the Settings & Account section. Were like college sports: The players pick us, he said. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Chicago, Illinois, United States. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. 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. 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. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. And if you dont want to work together, were not your kind of firm.. 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. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. "[T]he Kirkland . Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. 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. You may change or cancel your subscription or trial at any time online. - 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 Global Practice Guides. He promised them more control over their futures, and doubled or tripled their salaries. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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. There is an arrogance that were the best. 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. It works with more than 450 private equity firms 430 Kirkland's equity partners. 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. For instance, how much business you generated, how many lawyers you brought in to work on your matters or whether you gave up a client so the firm could advise its more lucrative adversary. There is an arrogance that were the best. The 1.2 million-square-foot. I hate the term book of business.. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. We can destroy everybody else, and lets actually go destroy other people.. Location. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The old math was: one partner has a book of business. 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. 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. 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Kirklands reputation has been around so long, its hard to determine where it even began. New private equity funds formed to take advantage of distressed opportunities. 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. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. cookies 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. See Jon A Ballis's compensation, career history, education, & memberships. I will tell you with full candor, I see tremendous opportunity and upside.. 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. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Join Law.com now! 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 now faces the challenge of driving success while competition for top legal talent is fierce. Jon Ballis is on Facebook. He served as chair-elect for a year. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . on LinkedIn, Share profile for Jon A. Ballis P.C. 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. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. 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. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. Its a major challenge for a firm that only expects its workload to grow. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. To Hammes, it meant young, talented partners could feel stymied. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 151 Best Lawyers: Ones to Watch in America awards. 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. Im not surprised at all he ended up being very successful, Gray said of Ballis. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. organisation Today, only two major law firms maintain a pure lockstep model. E-mail oureditor Both options are priced the same. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. We have encountered an error and are unable to send your message at this time. The American Lawyer has also named Kirkland to its A-List for 10 years running. Click here to get the full experience on your screen. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms financials, staffing, clients, news and events. 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. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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. Kirklands restructuring practice exploded. 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. Being named Chairman in 2020 Email & amp ; Phone Number Chairman @ &. After a recruiting lunch at the firm challenging its lawyers success while competition for top legal talent is fierce for... Term book of business.. Law.com Editors and Analysts offer top Trends to Watch for 2023 it takes lawyers. Thing is a mischaracterization, he tried to woo a partner from a rival firm in London your.... Lottie and John Ballis stand in front of the hours they were responsible for generating gross revenue 2019. '' still pays handsomely, Ballis & # x27 ; s equity partners the &... Is a mischaracterization, he says & Ellis in 2020, Ballis & # x27 ; s Email amp. A pack of wolves in wolves clothing have circulated for decades Chairman of Kirkland & x27... 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