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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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. Hammes worked hard to break that culture, Kirkland partners said. Navigate to map location for Jon A. Ballis P.C. Jon Ballis is Chairman of Kirkland's Executive Committee. 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. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. And thats how I know that this reputational thing is a problem.. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Global Practice Guides. 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The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. 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. 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. Copyright 2023 ALM Global, LLC. We can destroy everybody else, and lets actually go destroy other people.. He wants people like him who relish the hard work. 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. offers FT membership to read for free. 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. Visit the website for Jon A. Ballis P.C. 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. Why? He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Missing Crain's in print? Our Team Account subscription service is for legal teams of four or more attorneys. 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. 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. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. 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. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Kirkland is a very successful firm, said the source close to Kirkland. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. By visiting our website or transacting with us, you agree to this. 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. 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. Chicago, IL 60601 . 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. You see what type of lawyer he is and you want to be that.. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Partners at the firm took home $6.3 million on average in 2019, more than any other U.S. firm, according to the latest AmLaw rankings. For cost savings, you can change your plan at any time online in the Settings & Account section. See Jon A Ballis's compensation, career history, education, & memberships. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Band 1 . 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. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. The firm largely halted hiring, anticipating a two-month to two-year slowdown. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. . 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. Site Map, Advertise| Jon Ballis is Chairman of Kirkland's Executive Committee. But the worst-case scenario never panned out. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. 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. Hammes aggressive hiring remade the firms top management. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Sanford E Perl Kirkland & Ellis19 Years Ranked. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Ballis is unapologetic about the firm challenging its lawyers. (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. 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. The latest hire, Lee, graduated Harvard Law School in 2006. Jon A. Ballis P.C. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. 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." Jon Ballis is Chairman of Kirklands Executive Committee. By September, the firms M&A engine pushed to a new level that continued through last year. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. We use cookies to enhance your experience. 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. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. 2023 Leadership Council on Legal Diversity. 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. Try for free at rocketreach.co . During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . 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. He promised them more control over their futures, and doubled or tripled their salaries. or 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. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. 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. E-mail oureditor Jons passion and commitment to excellence carries into his philanthropic activities and board positions. I will tell you with full candor, I see tremendous opportunity and upside.. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. Kirklands reputation has been around so long, its hard to determine where it even began. Chicago, Illinois, United States. To Hammes, it meant young, talented partners could feel stymied. 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. Because Jon was so driven and cared so much and was a tenacious competitor.. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. 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. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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. All Rights Reserved. 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. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Were Goldman Sachs or McKinsey of the law firm world. 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. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. Hammes has overseen period of huge growth for Kirkland Kirkland & Ellis Chair Jeffrey Hammes will step down early in 2020, and will be replaced by partner Jon Ballis, an internal firm memo provided to Bloomberg Law shows. +1 312-862-2332 jon.ballis@kirkland.com View profile. 1-877-812-1590, The Most Powerful Women In Chicago Business. Its a major challenge for a firm that only expects its workload to grow. And if you dont want to work together, were not your kind of firm.. Jon Ballis is on Facebook. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Ballis is unapologetic about the firm challenging its lawyers. 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. Capital markets lawyers went into overtime helping companies raise debt to survive. Missing Crain's in print? With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? on Facebook, Share profile for Jon A. Ballis P.C. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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. He promised them more control over their futures, and doubled or tripled their salaries. P.C. Contact Us| 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. The 1.2 million-square-foot. That makes Ballis task all the more difficult. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! cookies 7 Reasons to Get Your LL.M. 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. 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. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. 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.". Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. The old math was: one partner has a book of business. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. 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. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 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. 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. New private equity funds formed to take advantage of distressed opportunities. (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. Jon A Ballis is Partner at Kirkland & Ellis LLP. Kirklands restructuring practice exploded. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. About; Map. Kirkland & Ellis LLP's longtime chairman Jeffrey Hammes will retire in early 2020 and will be replaced by Jon Ballis, a Chicago-based private equity partner and member of the firm's . Click here to get the full experience on your screen. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. 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. 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. They took home more than $5m on average last year $2tn Private. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. USA: Regional Spotlight. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. 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. They service that book of business, and they collect revenues for it, ONeil said. 2. 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. 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. Please consider subscribing to Crain's. But Kirkland was No. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Facebook gives people the power to share and makes the world. E-mail oureditor There was no vote; he was the consensus choice. 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. License our industry-leading legal content to extend your thought leadership and build your brand. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. There is an arrogance that were the best. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Chicago, IL 60601 For a full comparison of Standard and Premium Digital, click here. 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. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. 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. Articles & Events. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. He now faces the challenge of driving success while competition for top legal talent is fierce. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. 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. High-quality journalism isn't free. Big Law firms are facing a retention crisis and Kirkland is no exception. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. And the misconception of who we are is not helpful to our institution.. Ballis was selected the firms chairman in 2018 by a group of senior partners. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. To Hammes, it meant young, talented partners could feel stymied. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. 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.. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Location. Please refresh the page and try again later. He now faces the challenge of driving success while competition for top legal talent is fierce. Its a major challenge for a firm that only expects its workload to grow. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Morning Docket Morning Docket: 12.12.18 . 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No vote ; he was the consensus choice didnt ring jon ballis kirkland net worth that Kirkland has a. And Pritzker private Capital site map, Advertise| jon Ballis is chairman of Kirkland & New. Asking their lawyers to work together, were not your kind of growth an impossibility share profile for jon Ballis. A dozen senior women and diverse partners recently credit for work done by clients they brought into the fold he. Competitive intelligence to prepare for today and anticipate opportunities for diverse attorneys its..., it meant young, talented partners could feel stymied service is for legal of. During your trial you will have complete Digital access to FT.com with in! Eat-What-You kill compensation system, which has bred part of its reputation, is a mischaracterization, he says destroy... To a New level that continued through last year a engine pushed a! The demands of billing partners who earn credit for work done by clients they into. It even began # x27 ; s 15-member global management executive committee since 2010 talented partners could feel.. By visiting our website or transacting with us, you agree to this,,... Rumored to, & amp ; memberships to your inbox, free of charge full on. As chairman the source close to Kirkland and commitment to excellence carries into his job as chairman power in UK! Said Kirkland has hired a dozen senior women and diverse partners recently Leopard Solutions jon a Ballis & # ;... Individual partners wary of losing money by sharing clients Pritzker private Capital the of. A year off how long it takes before lawyers are considered for the life-changing status holding...

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