7 Reasons to Get Your LL.M. Hammes aggressive hiring remade the firms top management. 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 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 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 served as chair-elect for a year. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. 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. Both options are priced the same. 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. 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. 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. New private equity funds formed to take advantage of distressed opportunities. Please refresh the page and try again later. (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. or Facebook gives people the power to share and makes the world. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 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. Chairman, Kirkland & Ellis LLP. Learn more about a Bloomberg Law subscription. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. And thats how I know that this reputational thing is a problem.. Brian F Richards Paul Hastings LLP16 Years Ranked. . This is not in the playbook of how to run this law firm, he remembers thinking. organisation Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The American Lawyer has also named Kirkland to its A-List for 10 years running. Join Law.com now! VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Try for free at rocketreach.co . Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Sanford E Perl Kirkland & Ellis19 Years Ranked. That conversation happens often. Clients pay them as much as $2,000 an hour to never be wrong. 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. 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. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. The Super Lawyers selection process takes into account peer . 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. Expert Focus. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. Hammes worked hard to break that culture, Kirkland partners said. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. Inquire today about how to unlock this profile and make it visible to the public. Not a Bloomberg Law Subscriber?Subscribe Now. And the misconception of who we are is not helpful to our institution.. Its very dependent upon who you are. Bloomberg Markets Americas. 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. But the worst-case scenario never panned out. We have encountered an error and are unable to process your comment at this time. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. USA: Regional Spotlight. But Kirkland was No. 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. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Jon Ballis is Chairman of Kirkland's Executive Committee. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Big Law firms rarely admit problems. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Jon Ballis is on Facebook. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Articles. Morning Docket Morning Docket: 12.12.18 . Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. Kirkland, along with some other out-of-town firms like Sidley Austin and Latham & Watkins, has used aggressive lateral recruiting to draw from New Yorks dealmaking talent pool. 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. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. on Facebook, Share profile for Jon A. Ballis P.C. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Click below to see everything we have to offer. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . You can still enjoy your subscription until the end of your current billing period. 2, with equity partners making an average of $5.2 million. 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. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Chairman @ Kirkland & Ellis . Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. He liked how private equity clients expected him to solve their problems, rather than just offer advice. 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. He promised them more control over their futures, and doubled or tripled their salaries. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. The 60-story building is expected to open in 2023. Now thats such a part of who we are that it happens naturally.. 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. 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. Now thats such a part of who we are that it happens naturally.. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. 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 . offers FT membership to read for free. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Articles & Events. Join Facebook to connect with Jon Ballis and others you may know. 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. 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. Check if your Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Why? 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 . There was no vote; he was the consensus choice. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. 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. 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. 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 . 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. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. 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 . Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? The latest hire, Lee, graduated Harvard Law School in 2006. Kirkland is a very successful firm, said the source close to Kirkland. Kirkland & Ellis new chairman Jon Ballis has wasted little time making his mark, poaching a rising star dealmaker away from one of Big Laws most untouchable firms this week, despite a global pandemic slowing the economy and scaring rivals away from making big-dollar hires. All those hires had been made under Kirklands former chairman, Jeffrey Hammes, a former private equity dealmaker considered a bold leader willing to cut big checks. 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. Some partners at the. 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 Ballis. It works with more than 450 private equity firms 430 Kirkland's equity partners. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Chicago, IL 60601 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. To view this content, please continue to their sites. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. 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. They service that book of business, and they collect revenues for it, ONeil said. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. 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. 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. E-mail oureditor Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. 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. analyse how our Sites are used. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! References to the firm as a pack of wolves in wolves clothing have circulated for decades. 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. 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. Click below to see everything we have to offer. Please consider subscribing to Crain's. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. There is an arrogance that were the best. Three months later, he learned shed joined a different firm. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Chicago, IL 60601 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 very dependent upon who you are. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. Customer Service| 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 rarely admit problems. Kirklands gross revenue in 2019 surpassed $4.1 billion. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. 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. 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. Kirklands reputation has been around so long, its hard to determine where it even began. The old math was: one partner has a book of business. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. 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. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. Its not a good culture, said one former share partner who left the firm recently. Its a major challenge for a firm that only expects its workload to grow. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. He served as chair-elect for a year. 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 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 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. The tenure-based compensation system used by elite firms like Cravath since the 1970s was branded lockstep. Firms advertised it as crucial to their willingness to pick the right lawyer for every job without arguing over pay. Your Real Estate Legal and Brokerage Expert, The Kenny Law Firm s Technological Advancements: How They Help You, Award-Winning US Firm Pryor Cashman Adopts Tiger Eye Tools for iManage. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. He wants people like him who relish the hard work. 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. Jon A. Ballis P.C. Were like college sports: The players pick us, he said. Fellows ProgramFellows nominated:2022: Eric White; 2021: Shaun Mathew; 2020:Paul Tanaka; 2019: Luke Guerra; 2018: Erin Johnston; 2017: Joseph A. Loy; 2016: William Joseph Benitez; 2015: Atif Khawaja; 2014: Jeanne M. Heffernan; 2013:Barack S. Echols; 2012: Diana M. Torres;2011:Elizabeth L. Deeley, Pathfinder ProgramPathfinders selected:2022: Keli Huang,Danielle O'Neal;2021: Yimeng Dou, Eduardo Leal; 2020: East Berhane, Erika Lopez; 2019: Andrew Ohlert, Angel Torres; 2018: Beth Dalmut, Tushin Shah; 2017: Alexia Renee Brancato, Jonathan K. Tshiamala;2016: Tracie L. Bryant, Aparna Yenamandra; 2015: Vikas Didwania, Maggie Flores, 1L LCLD Scholars ProgramScholars hosted:2022:Victoria Rackley,Jasmeene Burton-Martin,Daniel Walker,Anthony Aguirre,Christopher Washington,Yasmeen Shrestha,Andrew Lin,Sonya Mattis,Hafzat Akanni,Kenneth Coleman,Cristian Pleters-Escobar;2021: Khash Goshtasbi, Jeffrey Cole, Lydia Seifeselassie, Jack Tubio, Jennifer Liu, Luv Karia, Nia Vogel, Daisy Almonte; 2020: Danielle Solaru, Eduardo Morera, Isabella Bergonzoli Jaramillo, Ashton Dubey, Naomi Duru, Matthew Guiang; 2019: Kiana Outen, Tamara Chin Loy, BreYanna Prince, Austin Fregene, Courtney Bibbs; 2018: Katelynn Adams, Princess Daisy Akita; 2017: Tina Chao, Eric Hwang,Malika Moore,Sahel Sra;2016: Claudia Diaz-Alemany, Suiwen Liang, Heather Lui, Yvette Sokei; 2014: Sarahi Constantine Padilla; 2013: Esther Lukman, Chautney McMillian, Success in Law School Mentoring ProgramMentors provided: 2021, 2020, 2019, 2017, 2016, 2015, 2014, 2013, 2012, AttendanceAnnual Meeting (2018, 2017, 2016, 2015), Communications: Ashley Post, Kate Slaasted. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 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. Im not surprised at all he ended up being very successful, Gray said of Ballis. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. The original version of this story was published on International. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Jon Ballis . With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? university Its a classic Kirkland move a young up and comer from a major firm. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. Don't miss the crucial news and insights you need to make informed legal decisions. New private equity funds formed to take advantage of distressed opportunities. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Please use the print button to print this profile page. Were Goldman Sachs or McKinsey of the law firm world. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. To Hammes, it meant young, talented partners could feel stymied. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 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. 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. 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. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. To Hammes, it meant young, talented partners could feel stymied. About; Map. For a full comparison of Standard and Premium Digital, click here. I hate the term book of business.. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Visit the website for Jon A. Ballis P.C. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Ballis is unapologetic about the firm challenging its lawyers. 1-877-812-1590, The Most Powerful Women In Chicago Business. 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. The 1.2 million-square-foot. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? 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