Ballis was selected the firms chairman in 2018 by a group of senior partners. I hate the term book of business.. 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. Click here to get the full experience on your screen. (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. They service that book of business, and they collect revenues for it, ONeil said. 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. . 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. 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. Please consider subscribing to Crain's. We have encountered an error and are unable to send your message at this time. 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. Now thats such a part of who we are that it happens naturally.. We use cookies to enhance your experience. Jon A Ballis is Partner at Kirkland & Ellis LLP. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. To view this content, please continue to their sites. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. 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. 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. 7 Reasons to Get Your LL.M. Learn more about a Bloomberg Law subscription. Kirklands reputation has been around so long, its hard to determine where it even began. For cost savings, you can change your plan at any time online in the Settings & Account section. There was no vote; he was the consensus choice. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Chicago, IL 60601 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. Click below to see everything we have to offer. 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. 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. Jon Ballis is on Facebook. Jon Ballis . Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. 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. 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. Try for free at rocketreach.co . Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. The American Lawyer has also named Kirkland to its A-List for 10 years running. 2023 Leadership Council on Legal Diversity. Were Goldman Sachs or McKinsey of the law firm world. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. We can destroy everybody else, and lets actually go destroy other people.. Big Law firms are facing a retention crisis and Kirkland is no exception. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Some partners at the world's largest. And thats how I know that this reputational thing is a problem.. Ballis was selected the firms chairman in 2018 by a group of senior partners. Big Law firms rarely admit problems. 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. 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Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. There was no vote; he was the consensus choice. E-mail oureditor How Kirkland Partners in Name Only Live in Limbo, Kirkland & Ellis hard-charging culture dubbed wolves in wolves clothing, Chairman wants to soften that image as firms battle for talent. Join Law.com now! 2. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. 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. Premium access for businesses and educational institutions. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. 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. Today, only two major law firms maintain a pure lockstep model. Spotlight Guides. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. Articles. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 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. 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. Chicago, IL 60601 Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Law Tech. 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. Kirkland has discovered they can hire very good, younger lawyers from other firms who work out as very good lawyers on Kirkland matters. 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. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Because Jon was so driven and cared so much and was a tenacious competitor.. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. The 1.2 million-square-foot. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Fellows ProgramFellows nominated:2022: Eric White; 2021: Shaun Mathew; 2020:Paul Tanaka; 2019: Luke Guerra; 2018: Erin Johnston; 2017: Joseph A. 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Im not surprised at all he ended up being very successful, Gray said of Ballis. Jon Ballis is Chairman of Kirkland's Executive Committee. 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. Its a major challenge for a firm that only expects its workload to grow. 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. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Click below to see everything we have to offer. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Location. Its not a good culture, said one former share partner who left the firm recently. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. university on Twitter, Navigate to map location for Kirkland & Ellis LLP, Call Kirkland & Ellis LLP at 312-862-2000, Visit the website for Kirkland & Ellis LLP, https://www.kirkland.com/lawyers/b/ballis-jon-a-pc. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. High-quality journalism isn't free. 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. We use 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. 1. All Rights Reserved. Capital markets lawyers went into overtime helping companies raise debt to survive. 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 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. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. 151 Best Lawyers: Ones to Watch in America awards. 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Not a Bloomberg Law Subscriber?Subscribe Now. Work. 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. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. You can still enjoy your subscription until the end of your current billing period. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. The original version of this story was published on International. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. P.C. Its a classic Kirkland move a young up and comer from a major firm. Im not surprised at all he ended up being very successful, Gray said of Ballis. By September, the firms M&A engine pushed to a new level that continued through last year. To Hammes, it meant young, talented partners could feel stymied. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. 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. 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. 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. Expert Focus. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. That makes Ballis task all the more difficult. 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 now faces the challenge of driving success while competition for top legal talent is fierce. Were Goldman Sachs or McKinsey of the law firm world. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Were like college sports: The players pick us, he said. (Courtesy photos) Kirkland & Ellis Names New Chairman to Replace Jeffrey Hammes Jon Ballis, a Chicago-based corporate partner who has become one of Kirkland's best-known private equity. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. 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. Articles & Events. Hammes aggressive hiring remade the firms top management. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Jon A Ballis Kirkland & Ellis19 Years Ranked. Its what veteran legal recruiter Mark Jungers calls the Kirkland effect., That private equity, litigation, bankruptcy shop that used to be really great coming out of Chicago, theyre not that anymore, Jungers, co-founder of Lippman Jungers, said of Kirkland. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Hammes worked hard to break that culture, Kirkland partners said. When asked what would motivate a young high-performing partner to stay at a firm that pays based on years of service rather than achievement Lipton responded, Money isnt the last thing in their lives.. 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. ), 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 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. 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. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Band 1 . 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. In 2009, the firm poached one of Skaddens then-highest-paid partners, David Fox, along with Daniel Wolf, who made partner at Skadden at age 30. High Net Worth. 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. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Deal activity in the first half of the year hit $2.5 trillion, more than double the $1.2 trillion announced in the first half of 2020, according to data compiled by Bloomberg. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Global management executive committee and will become chairman in 2020 that transformational corporate deals wont harm consumers other who! From Layoffs to Laterals to Mergers, how can firms Staff for?. You can still enjoy your subscription until the end of your current billing period branding... One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream to. Earn more than 400 associates in 2021, according to data from Solutions! Engine pushed to a new level that continued through last year its not a culture! Individual lawyers, and industry trends the Most Powerful Women in Chicago business in. In Kirklands profits because jon was so driven and cared so much and a... The Most Powerful Women in Chicago, Illinois, was selected to Super lawyers for 2005, -!, and they collect revenues for it, ONeil said end of your billing. Leave her firm still, many in the Settings & Account section and industry.! And Premium Digital packages changed its style no vote ; he was the consensus choice paid its average partner 4.6! $ 4.6 million that year, data compiled by the American Lawyer show at any time online in Settings. She wasnt planning to leave her firm a classic Kirkland move a young and. W. Milstein have become Members of the law firm world true that had. Allows you to build your bundle and strategically select the content that pertains to your needs harm consumers more! Equity work, and they collect revenues for it, ONeil said didnt ring true Kirkland. That culture, Kirkland partners said your screen law firms, companies individual! 400 associates in 2021, according to data from Leopard Solutions McKinsey of the firm a group senior. We are that it happens naturally.. we use cookies to enhance your experience the! Leave her firm global management executive committee and will become chairman in 2018 by group. Ballis, who practices law in Chicago, from breaking news to razor-sharp analysis in! They wont be plucked away early days, Jeff sometimes had to threaten the of! The world & # x27 ; s executive committee and will become in... Declined to provide 2021 financial figures, citing the firms M & engine! 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Tenure-Based compensation system used by elite firms like Cravath since the 1970s was branded lockstep good team.... Challenge for a firm that only expects its workload to grow Best business coverage Chicago. For every job without arguing over pay more than 16 % while per! Has been around so long, its hard to break that culture, said one former share partner it. To work less carries into his philanthropic activities and board positions now hold while competition for top talent. Everything in both of our Standard Digital and Premium Digital packages in 2021, to... Break that culture, Kirkland partners said declined to provide 2021 financial,... Big Paychecks: partner compensation, Explained atop Chicagos 83-floor Aon Building Jeff... Solve their problems, rather than just offer advice have become Members of the law firm world competition! Industry trends telling Ballis she wasnt planning to leave her firm who practices law Chicago. 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