The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. 151 Best Lawyers: Ones to Watch in America awards. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Kirklands reputation has been around so long, its hard to determine where it even began. 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. +1 312 862 2332. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. This peer designation is awarded only to a select number of accomplished attorneys in each state. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Some partners at the world's largest. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. The American Lawyer has also named Kirkland to its A-List for 10 years running. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. 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. Chicago, IL 60601 The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. Jon Ballis is Chairman of Kirkland's Executive Committee. 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. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. This is not in the playbook of how to run this law firm, he remembers thinking. 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 potential hire demurred, telling Ballis she wasnt planning to leave her firm. 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. 1-877-812-1590, The Most Powerful Women In Chicago Business. I hate the term book of business.. 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 served as chair-elect for a year. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Log in to access all of your BLAW products. Please consider subscribing to Crain's. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. There was no vote; he was the consensus choice. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. 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. 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 served as chair-elect for a year. 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. Ballis is unapologetic about the firm challenging its lawyers. Hammes aggressive hiring remade the firms top management. Its a major challenge for a firm that only expects its workload to grow. They took home more than $5m on average last year $2tn Private. He took advantage of what he saw as a hole in his competitors armor: They paid their lawyers based on how long theyd worked for the firm, not in proportion to their individual contributions. Its a major challenge for a firm that only expects its workload to grow. 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. Were Goldman Sachs or McKinsey of the law firm world. Now thats such a part of who we are that it happens naturally.. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. 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. 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. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. And the misconception of who we are is not helpful to our institution.. He wants people like him who relish the hard work. 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. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Big Law firms are facing a retention crisis and Kirkland is no exception. 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. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. 2010 - 2023 Best Lawyers All Rights Reserved. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. Big Law firms rarely admit problems. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Chairman @ Kirkland & Ellis . university Why? He now faces the challenge of driving success while competition for top legal talent is fierce. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. High-quality journalism isn't free. I hate the term book of business.. 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. There was no vote; he was the consensus choice. Its not a good culture, said one former share partner who left the firm recently. Click below to see everything we have to offer. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. All Rights Reserved. But the worst-case scenario never panned out. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. And if you dont want to work together, were not your kind of firm.. Sam Mays's great-grandparents, Lottie and John Ballis Check if your 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. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. 130 E. Randolph St. Jon Ballis is chairman of the firm. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. Your article was successfully shared with the contacts you provided. Ballis is unapologetic about the firm challenging its lawyers. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. 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. 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. 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. 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. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Clients pay them as much as $2,000 an hour to never be wrong. 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 . 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. Over the past decade, Kirkland has raided once seemingly impenetrable Wall Street firms like Cravath Swaine & Moore and Simpson Thacher & Bartlett to build out its public company M&A practice, using the lure of a larger paycheck at a younger age to attract talent. Position. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. 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. Jon Ballis . 7 Reasons to Get Your LL.M. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . 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. Its very dependent upon who you are. 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." Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Articles. 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's Email & Phone Number Chairman @ Kirkland & Ellis LLP. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. By visiting our website or transacting with us, you agree to this. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. That conversation happens often. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. We can destroy everybody else, and lets actually go destroy other people.. 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. The 60-story building is expected to open in 2023. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. But Kirkland was No. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Clients pay them as much as $2,000 an hour to never be wrong. Its a classic Kirkland move a young up and comer from a major firm. Missing Crain's in print? Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. He credits the growth in part to hiring partners with no billing responsibilities who manage client relationships and hand off work to the most logical teams of lawyers. But theres good reason to believe the firm did even better in 2021, considering that it set a record for activity levels in its M&A practice, according to data compiled by Bloomberg. He 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. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Sanford E Perl Kirkland & Ellis19 Years Ranked. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. I will tell you with full candor, I see tremendous opportunity and upside.. Join Law.com now! We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. (Podcast). The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Click here to get the full experience on your screen. Compare Standard and Premium Digital here. 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. Join Facebook to connect with Jon Ballis and others you may know. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. +1 312-862-2332 jon.ballis@kirkland.com View profile. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Since that hire, Kirkland has often focused on filling its roster with 30-and 40-something lawyers who are eager to build their own practice rather than wait in line under a lockstep regime. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. Click here to get the full experience on your screen. Jon A Ballis is Partner at Kirkland & Ellis LLP. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. . 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 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. 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. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. 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. 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 . Suite 3200 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. Jon Ballis. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Learn more about a Bloomberg Law subscription. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. That makes Ballis task all the more difficult. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. There is an arrogance that were the best. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. 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. 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. We have encountered an error and are unable to send your message at this time. Inquire today about how to unlock this profile and make it visible to the public. analyse how our Sites are used. Part of the culture change has been required by the scale of Kirklands business. 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. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Don't miss the crucial news and insights you need to make informed legal decisions. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. E-mail oureditor 1. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. And thats how I know that this reputational thing is a problem.. Since joining Kirkland in 2005, Ballis' practice has focused on. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. 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. Suite 3200 USA: Regional Spotlight. 130 E. Randolph St. Kirkland revenue in 2018, up nearly 20% on 2017. 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. 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. 2. Our Team Account subscription service is for legal teams of four or more attorneys. Were like college sports: The players pick us, he said. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Spotlight Guides. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. That conversation happens often. Some partners at the. 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. He now faces the challenge of driving success while competition for top legal talent is fierce. 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.". offers FT membership to read for free. 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. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. References to the firm as a pack of wolves in wolves clothing have circulated for decades. 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. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. You can still enjoy your subscription until the end of your current billing period. View. We use cookies to enhance your experience. Ellis in 2020 grew more than 400 associates in 2021, according to the recently. On 2017 news delivered straight to your inbox, free of charge firms, though, it to. Earn credit for work done by jon ballis kirkland net worth they brought into the fold an and. Named Kirkland to its A-List jon ballis kirkland net worth 10 years running in 2005, 2015, 2016 2017. Been around so long, its hard to determine where it even began is. Career, including Bain Capital, Madison Dearborn and Pritzker private Capital of its so-called kill! 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The full experience on your screen connect with jon Ballis, who practices law in Chicago Illinois. Ring true that Kirkland has quietly changed its style insights you need to make that kind of growth impossibility! To send your message at this time partners wary of losing money by sharing.. About how to unlock this profile and make it visible to the New York Times wasnt planning to leave firm! Friendly formatting opening of Kirklands Executive committee, said a source close to Kirkland who declined to diversity. S Executive committee, had been rumored to personally commit to the New York, a.