By September, the firms M&A engine pushed to a new level that continued through last year. He now faces the challenge of driving success while competition for top legal talent is fierce. I will tell you with full candor, I see tremendous opportunity and upside.. 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. References to the firm as a pack of wolves in wolves clothing have circulated for decades. The firm largely halted hiring, anticipating a two-month to two-year slowdown. 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. (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. 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 . That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. 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. See Jon A Ballis's compensation, career history, education, & memberships. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. I will tell you with full candor, I see tremendous opportunity and upside.. Position. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Its a major challenge for a firm that only expects its workload to grow. Location. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. They were followed by Sean Rodgers from Simpson Thacher in 2013. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. This peer designation is awarded only to a select number of accomplished attorneys in each state. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. He served as chair-elect for a year. Why? Clients pay them as much as $2,000 an hour to never be wrong. We use cookies to enhance your experience. 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. Please use the print button to print this profile page. 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. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. High-quality journalism isn't free. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Jon Ballis is Chairman of Kirkland's Executive Committee. Please refresh the page and try again later. 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. 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. By September, the firms M&A engine pushed to a new level that continued through last year. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. There was no vote; he was the consensus choice. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Three months later, he learned shed joined a different firm. Click below to see everything we have to offer. +1 312 862 2332. The American Lawyer has also named Kirkland to its A-List for 10 years running. Jon Ballis is Chairman of Kirklands Executive Committee. 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. Jon Ballis is on Facebook. Expert Focus. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. 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. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. Its very dependent upon who you are. 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. 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. Your article was successfully shared with the contacts you provided. Jon A Ballis Kirkland & Ellis19 Years Ranked. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. 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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. That makes Ballis task all the more difficult. Both options are priced the same. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Candidates should Duane Morris LLP has an opening for Litigation Associate with 2-3 years of experience to join its Trial Practice Group in Houston. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Kirklands reputation has been around so long, its hard to determine where it even began. Now thats such a part of who we are that it happens naturally.. Big Law firms are facing a retention crisis and Kirkland is no exception. 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. Join Facebook to connect with Jon Ballis and others you may know. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. The old math was: one partner has a book of business. New private equity funds formed to take advantage of distressed opportunities. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. This is not in the playbook of how to run this law firm, he remembers thinking. Please consider subscribing to Crain's. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. 1. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. 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. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. 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. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. 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. That conversation happens often. 2, with equity partners making an average of $5.2 million. 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 joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. You can still enjoy your subscription until the end of your current billing period. Ballis was selected the firms chairman in 2018 by a group of senior partners. 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. 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. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . 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 early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Kirklands restructuring practice exploded. He promised them more control over their futures, and doubled or tripled their salaries. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. Jon Ballis, a Chicago-based corporate partner who has become one of Kirkland's best-known private equity lawyers, will take over as leader of the world's highest-grossing firm in 2020. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. 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 important partners there, and even some of the partners who arent so important, make more than partners at any other law firm in the world, including Wachtell., Lockstep firms traditionally have relied on a strong cohesive culture and financials, believing clients belong to the firm and not to individuals. Jon A Ballis is Partner at Kirkland & Ellis LLP. They took home more than $5m on average last year $2tn Private. 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