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. Chairman, Kirkland & Ellis LLP. 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. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Site Map, Advertise| He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. (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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. All Rights Reserved. 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. But the worst-case scenario never panned out. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Part of the culture change has been required by the scale of Kirklands business. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. I will tell you with full candor, I see tremendous opportunity and upside.. Join Law.com now! Jon Ballis . Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . Try for free at rocketreach.co . Details. The 1.2 million-square-foot. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. 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. 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. Hammes worked hard to break that culture, Kirkland partners said. Customer Service| 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. 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. E-mail oureditor Its a major challenge for a firm that only expects its workload to grow. and other data for a number of reasons, such as keeping FT Sites reliable and secure, By September, the firms M&A engine pushed to a new level that continued through last year. But the worst-case scenario never panned out. They service that book of business, and they collect revenues for it, ONeil said. 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. Articles. 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. 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 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. That view of a sharp-elbowed, tough institution where nobody helps each other, I just dont think it exists, said Andy Calder, who joined from Simpson Thacher in 2014 to build out the firms Houston office. 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. 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 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. He wants people like him who relish the hard work. Im not surprised at all he ended up being very successful, Gray said of Ballis. There is an arrogance that were the best. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Were like college sports: The players pick us, he said. 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 . Capital markets lawyers went into overtime helping companies raise debt to survive. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. E-mail oureditor And thats how I know that this reputational thing is a problem.. (Podcast). 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 industrys desperate battle for talent: he can pay more than just about anybody else. Kirkland has discovered they can hire very good, younger lawyers from other firms who work out as very good lawyers on Kirkland matters. He promised them more control over their futures, and doubled or tripled their salaries. License our industry-leading legal content to extend your thought leadership and build your brand. Terms of Service. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. But Kirkland was No. Kirklands reputation has been around so long, its hard to determine where it even began. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. 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. Now thats such a part of who we are that it happens naturally.. 130 E. Randolph St. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Copyright 2023 ALM Global, LLC. 151 Best Lawyers: Ones to Watch in America awards. Collegiality and everything, talk is cheap, the former partner said. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Law Tech. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. Today, only two major law firms maintain a pure lockstep model. The firm largely halted hiring, anticipating a two-month to two-year slowdown. 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. High-quality journalism isn't free. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. The American Lawyer has also named Kirkland to its A-List for 10 years running. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 2. analyse how our Sites are used. Chicago, Illinois, United States. 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. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. We have encountered an error and are unable to process your comment at this time. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. I hate the term book of business.. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. Navigate to map location for Jon A. Ballis P.C. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. And the misconception of who we are is not helpful to our institution.. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. Please use the print button to print this profile page. Articles & Events. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Missing Crain's in print? The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. They took home more than $5m on average last year $2tn Private. That view of a sharp-elbowed, tough institution where nobody helps each other, I just dont think it exists, said Andy Calder, who joined from Simpson Thacher in 2014 to build out the firms Houston office. 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. We use cookies to enhance your experience. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. 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. You see what type of lawyer he is and you want to be that.. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. To Hammes, it meant young, talented partners could feel stymied. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. We have encountered an error and are unable to send your message at this time. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. +1 312 862 2332. Clients pay them as much as $2,000 an hour to never be wrong. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 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. Click below to see everything we have to offer. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Big Law firms rarely admit problems. 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. 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. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). personalising content and ads, providing social media features and to The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. There was no vote; he was the consensus choice. 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." I will tell you with full candor, I see tremendous opportunity and upside.. New private equity funds formed to take advantage of distressed opportunities. All Rights Reserved. We can destroy everybody else, and lets actually go destroy other people.. This is not in the playbook of how to run this law firm, he remembers thinking. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. Click here to get the full experience on your screen. Why? 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. Don't miss the crucial news and insights you need to make informed legal decisions. university We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Sanford E Perl Kirkland & Ellis19 Years Ranked. 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. 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. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. The 60-story building is expected to open in 2023. Click below to see everything we have to offer. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. Big Law firms are facing a retention crisis and Kirkland is no exception. About; Map. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. P.C. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Collegiality and everything, talk is cheap, the former partner said. 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. Its very dependent upon who you are. That makes Ballis task all the more difficult. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Suite 3200 Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Jon Ballis is Chairman of Kirklands Executive Committee. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Jon A Ballis is Partner at Kirkland & Ellis LLP. 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. 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. 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. 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. Morning Docket Morning Docket: 12.12.18 . Im not surprised at all he ended up being very successful, Gray said of Ballis. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. He liked how private equity clients expected him to solve their problems, rather than just offer advice. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. Hammes worked hard to break that culture, Kirkland partners said. 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. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. He now faces the challenge of driving success while competition for top legal talent is fierce. 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. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. 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. To Hammes, it meant young, talented partners could feel stymied. 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 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. 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. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. That conversation happens often. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 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. 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. 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. They service that book of business, and they collect revenues for it, ONeil said. Ballis was selected the firms chairman in 2018 by a group of senior partners. Premium access for businesses and educational institutions. Chicago Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. Jon Ballis is Chairman of the Executive Committee of Kirkland & Ellis, one of the world's 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Big Law firms are facing a retention crisis and Kirkland is no exception. Missing Crain's in print? Clients pay them as much as $2,000 an hour to never be wrong. 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. Location. 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 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. 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. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Its a classic Kirkland move a young up and comer from a major firm. 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. Compare Standard and Premium Digital here. Some partners at the world's largest. 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. Credit for work done by clients they brought into the fold who have made a remarkable difference the! Crucial news and insights you need to make informed legal decisions industry-leading legal content extend! Changed its style board positions attorneys in each state major challenge for a corporate associate to its. Alm 's legal news publications Law.com now women lawyers who have made a remarkable difference the! 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