And thats how I know that this reputational thing is a problem.. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? 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. 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. Join Facebook to connect with Jon Ballis and others you may know. Check if your 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. Ballis rallied more than half a dozen partners Kirkland hired from other firms who said the culture theyd been warned about just didnt meet their reality at the firm. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Were Goldman Sachs or McKinsey of the law firm world. Don't miss the crucial news and insights you need to make informed legal decisions. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. Jon A Ballis Kirkland & Ellis19 Years Ranked. analyse how our Sites are used. Navigate to map location for Jon A. Ballis P.C. Big Law firms rarely admit problems. Kirklands reputation has been around so long, its hard to determine where it even began. offers FT membership to read for free. P.C. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. 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. 130 E. Randolph St. Today, only two major law firms maintain a pure lockstep model. Law Offices of Gary Martin Hays & Associates Try for free at rocketreach.co . Our second option allows you to build your bundle and strategically select the content that pertains to your needs. 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. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. "[T]he Kirkland . Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Use my voice at the Firm to address DEI issues and expand opportunities for those attorneys who have been historically underrepresented in the legal industry, including people of color, women and members of the LGBTQ+ community . 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. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 7 Reasons to Get Your LL.M. For a full comparison of Standard and Premium Digital, click here. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. 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. Chicago, IL 60601 To Hammes, it meant young, talented partners could feel stymied. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. 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. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. 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. Hammes aggressive hiring remade the firms top management. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. 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 . +1 312-862-2332 jon.ballis@kirkland.com View profile. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Litigation Support. USA: Regional Spotlight. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. 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. This is not in the playbook of how to run this law firm, he remembers thinking. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Three months later, he learned shed joined a different firm. Details. Position. But theres good reason to believe the firm did even better in 2021, considering that it set a record for activity levels in its M&A practice, according to data compiled by Bloomberg. It 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. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. Hammes worked hard to break that culture, Kirkland partners said. He served as chair-elect for a year. 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. 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. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? Jon Ballis is on Facebook. 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. They service that book of business, and they collect revenues for it, ONeil said. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. We support credit card, debit card and PayPal payments. Copyright 2023 ALM Global, LLC. You see what type of lawyer he is and you want to be that.. 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. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Compare Standard and Premium Digital here. Chicago, IL 60601 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. You see what type of lawyer he is and you want to be that.. Hammes worked hard to break that culture, Kirkland partners said. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Now thats such a part of who we are that it happens naturally.. 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. 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. 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. 151 Best Lawyers: Ones to Watch in America awards. Capital markets lawyers went into overtime helping companies raise debt to survive. university Jon Ballis is Chairman of Kirkland's Executive Committee. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Chicago Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. To view this content, please continue to their sites. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. 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. Global Practice Guides. Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Clients pay them as much as $2,000 an hour to never be wrong. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. He promised them more control over their futures, and doubled or tripled their salaries. 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. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. on Facebook, Share profile for Jon A. Ballis P.C. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. 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. . 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Its a major challenge for a firm that only expects its workload to grow. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. We can destroy everybody else, and lets actually go destroy other people.. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Please use the print button to print this profile page. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. 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 joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman 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. The firm largely halted hiring, anticipating a two-month to two-year slowdown. The 60-story building is expected to open in 2023. 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. 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. 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. 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. Facebook gives people the power to share and makes the world. It works with more than 450 private equity firms 430 Kirkland's equity partners. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. 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. 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Chairman, Kirkland & Ellis LLP. New private equity funds formed to take advantage of distressed opportunities. 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. I hate the term book of business.. Kirkland revenue in 2018, up nearly 20% on 2017. or - 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 Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. The 1.2 million-square-foot. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Please refresh the page and try again later. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. But the worst-case scenario never panned out. There was no vote; he was the consensus choice. Capital markets lawyers went into overtime helping companies raise debt to survive. 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. 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