Join Law.com now! Its what veteran legal recruiter Mark Jungers calls the Kirkland effect., That private equity, litigation, bankruptcy shop that used to be really great coming out of Chicago, theyre not that anymore, Jungers, co-founder of Lippman Jungers, said of Kirkland. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? 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. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. 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. Part of the culture change has been required by the scale of Kirklands business. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. References to the firm as a pack of wolves in wolves clothing have circulated for decades. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. 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. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? 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. Compare Standard and Premium Digital here. He wants people like him who relish the hard work. It works with more than 450 private equity firms 430 Kirkland's equity partners. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. We can destroy everybody else, and lets actually go destroy other people.. He served as chair-elect for a year. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. 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. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. 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 Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. By September, the firms M&A engine pushed to a new level that continued through last year. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. organisation 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. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. High-quality journalism isn't free. 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. Kirkland is a very successful firm, said the source close to Kirkland. Part of the culture change has been required by the scale of Kirklands business. personalising content and ads, providing social media features and to We can destroy everybody else, and lets actually go destroy other people.. For questions call 1-877-256-2472 or contact us at [emailprotected], Perkins Coie Lays Off 58 Business Professionals, Cravath Set for English Law Debut with Shearman Double Partner Hire, AI Has Gone Mainstream. Sam Mays's great-grandparents, Lottie and John Ballis That conversation happens often. 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. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. New private equity funds formed to take advantage of distressed opportunities. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. 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. 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. They were followed by Sean Rodgers from Simpson Thacher in 2013. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. Because Jon was so driven and cared so much and was a tenacious competitor.. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. Some partners at the. 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. Kirklands restructuring practice exploded. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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. Try for free at rocketreach.co . 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. 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. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Kirklands reputation has been around so long, its hard to determine where it even began. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. Hammes worked hard to break that culture, Kirkland partners said. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. 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. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Click below to see everything we have to offer. 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. 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. I hate the term book of business.. 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.". (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. on LinkedIn, Share profile for Jon A. Ballis P.C. 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. We use cookies to enhance your experience. 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. Kirkland revenue in 2018, up nearly 20% on 2017. 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. 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. 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. 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.. He now faces the challenge of driving success while competition for top legal talent is fierce. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. 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. To view this content, please continue to their sites. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Its not a good culture, said one former share partner who left the firm recently. Please refresh the page and try again later. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Listen to Roy Strom read his story. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Were Goldman Sachs or McKinsey of the law firm world. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. 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. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Please refresh the page and try again later. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 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. Its a classic Kirkland move a young up and comer from a major 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. Join Facebook to connect with Jon Ballis and others you may know. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Learn more about a Bloomberg Law subscription. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. 1-877-812-1590, The Most Powerful Women In Chicago Business. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. Jon Ballis. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Its a major challenge for a firm that only expects its workload to grow. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. We support credit card, debit card and PayPal payments. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 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. Missing Crain's in print? . on Facebook, Share profile for Jon A. Ballis P.C. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 2. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Expert Focus. 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. 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. 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. 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. 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. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. or Bloomberg Markets Americas. . Articles. Terms of Service. Visit the website for Jon A. Ballis P.C. Three months later, he learned shed joined a different firm. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. 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. Premium access for businesses and educational institutions. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. We have encountered an error and are unable to process your comment at this time. 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 . Jon Ballis is chairman of the firm. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Our Team Account subscription service is for legal teams of four or more attorneys. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . The rest have been forced to pay their most important lawyers more money so they wont be plucked away. 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. But Kirkland was No. 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. Clients pay them as much as $2,000 an hour to never be wrong. P.C. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. 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. Big Law firms are facing a retention crisis and Kirkland is no exception. 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. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. And if you dont want to work together, were not your kind of 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. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. 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