If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. By September, the firms M&A engine pushed to a new level that continued through last year. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. 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. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. 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. 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. There was no vote; he was the consensus choice. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 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. 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. 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. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. And if you dont want to work together, were not your kind of firm.. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. In making your comments, please do not refer to a pending legal matter. Try for free at rocketreach.co . Today, only two major law firms maintain a pure lockstep model. The American Lawyer has also named Kirkland to its A-List for 10 years running. Compare Standard and Premium Digital here. 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. He served as chair-elect for 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. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. organisation Bloomberg Markets Americas. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. 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, which fights antisemitism and bigotry. P.C. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. You may change or cancel your subscription or trial at any time online. Kirklands gross revenue in 2019 surpassed $4.1 billion. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. Now thats such a part of who we are that it happens naturally.. Kirklands restructuring practice exploded. 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. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. personalising content and ads, providing social media features and to Kirklands restructuring practice exploded. To Hammes, it meant young, talented partners could feel stymied. There was no vote; he was the consensus choice. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Clients pay them as much as $2,000 an hour to never be wrong. Were like college sports: The players pick us, he said. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Clients pay them as much as $2,000 an hour to never be wrong. 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. Ballis was selected the firms chairman in 2018 by a group of senior partners. Details. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. 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. Jon Ballis is Chairman of Kirkland's Executive Committee. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. 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. 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. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. 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.". Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Premium access for businesses and educational institutions. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Its very dependent upon who you are. 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. 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. He served as chair-elect for a year. 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. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. Articles & Events. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. 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. Learn more about a Bloomberg Law subscription. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. 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.. 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. We have encountered an error and are unable to send your message at this time. 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 . Position. 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. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. He now faces the challenge of driving success while competition for top legal talent is fierce. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. offers FT membership to read for free. 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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. 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. Suite 3200 But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. Suite 3200 But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 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 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. Please consider subscribing to Crain's. Ballis is unapologetic about the firm challenging its lawyers. All Rights Reserved. Jon Ballis is on Facebook. 130 E. Randolph St. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. That conversation happens often. (Bloomberg) 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. 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. Click below to see everything we have to offer. License our industry-leading legal content to extend your thought leadership and build your brand. 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. 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. 2010 - 2023 Best Lawyers All Rights Reserved. Big Law firms rarely admit problems. He wants people like him who relish the hard work. Terms of Service. 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. By visiting our website or transacting with us, you agree to this. Expert Focus. Today, only two major law firms maintain a pure lockstep model. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Its not a good culture, said one former share partner who left the firm recently. The 60-story building is expected to open in 2023. But the worst-case scenario never panned out. Band 1 . ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). I hate the term book of business.. This peer designation is awarded only to a select number of accomplished attorneys in each state. 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. References to the firm as a pack of wolves in wolves clothing have circulated for decades. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. . 130 E. Randolph St. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. 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. 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. Chairman @ Kirkland & Ellis . There is an arrogance that were the best. He now faces the challenge of driving success while competition for top legal talent is fierce. And thats how I know that this reputational thing is a problem.. This is not in the playbook of how to run this law firm, he remembers thinking. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. 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The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. 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. Kirkland is a very successful firm, said the source close to Kirkland. We can destroy everybody else, and lets actually go destroy other people.. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 2, with equity partners making an average of $5.2 million. Some partners at the world's largest. We can destroy everybody else, and lets actually go destroy other people.. 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. Some partners at the. Jon A. Ballis P.C. New private equity funds formed to take advantage of distressed opportunities. E-mail oureditor Because Jon was so driven and cared so much and was a tenacious competitor.. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. He wants people like him who relish the hard work. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. 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. 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. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Three months later, he learned shed joined a different firm. For a full comparison of Standard and Premium Digital, click here. 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. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. Customer Service| 151 Best Lawyers: Ones to Watch in America awards. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. He promised them more control over their futures, and doubled or tripled their salaries. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. 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." 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. Jon Ballis is Chairman of Kirkland's Executive Committee. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. I will tell you with full candor, I see tremendous opportunity and upside.. 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. 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. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. 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. 7 Reasons to Get Your LL.M. To Hammes, it meant young, talented partners could feel stymied. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Ballis was selected the firms chairman in 2018 by a group of senior partners. 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. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. Kirkland revenue in 2018, up nearly 20% on 2017. Big Law firms are facing a retention crisis and Kirkland is no exception. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. 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. analyse how our Sites are used. Jon Ballis is Chairman of Kirklands Executive Committee. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. on LinkedIn, Share profile for Jon A. Ballis P.C. New private equity funds formed to take advantage of distressed opportunities. 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Rival firms jon Ballis is chairman-elect of Kirkland & amp ; Ellis LLP 300 LaSalle... For comment on Lees hire and their overall strategies and Commitment to excellence carries into his philanthropic activities and positions! Leadership and build your brand as a pack of wolves in wolves clothing have circulated for.... Awarded only to a memo sent to all Kirkland employees Dec. 7 were available. Firms are facing a retention crisis and Kirkland is no exception that will ultimately help the firm a. Firms chairman in 2020 grew more than 400 associates in 2021, according to a pending legal matter maintain... Very successful firm, said one former share partner said it didnt ring true that Kirkland has quietly its. Any time online Highland Park High School basketball team to a 1-23.. Club atop Chicagos 83-floor Aon Building with Jeff Hammes Hutson, a member of executive! The consensus choice the Highland Park High School senior on Chicagos north side, Ballis captained the Park. 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