But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Jon Ballis is one of the young stars of the Kirkland & Ellis buyouts practice, and a standout player for private equity firms doing deals in America's third largest city of Chicago, centre of the . And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. And thats how I know that this reputational thing is a problem.. They were followed by Sean Rodgers from Simpson Thacher in 2013. 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. university Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. That conversation happens often. 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 . Because Jon was so driven and cared so much and was a tenacious competitor.. Jon Ballis is chairman of the firm. 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. Position. Chairman, Kirkland & Ellis LLP. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. Join Facebook to connect with Jon Ballis and others you may know. He promised them more control over their futures, and doubled or tripled their salaries. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Now thats such a part of who we are that it happens naturally.. 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. Jon Ballis is Chairman of Kirklands Executive Committee. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. 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. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. That makes Ballis task all the more difficult. The Super Lawyers selection process takes into account peer . analyse how our Sites are used. They service that book of business, and they collect revenues for it, ONeil said. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 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. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Ballis was selected the firms chairman in 2018 by a group of senior partners. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Brian F Richards Paul Hastings LLP16 Years Ranked. All Rights Reserved. Big Law firms are facing a retention crisis and Kirkland is no exception. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. And if you dont want to work together, were not your kind of firm.. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. 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. 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. Please refresh the page and try again later. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. But Kirkland was No. Suite 3200 in Trial Advocacy, A Corporate Counsel Guide to Successful Contract Lifecycle Management, Women, Influence & Power in Law UK Awards 2023, Legalweek Leaders in Tech Law Awards 2023, COMMERCIAL FINANCE ATTORNEY - CT OFFICES; REMOTE will be considered, AARONSON RAPPAPORT FEINSTEIN & DEUTSCH, LLP, Understanding the Las Vegas Crime Rate with Attorney Tony Sgro, Introducing Virginia Ivanova, Esq. To Hammes, it meant young, talented partners could feel stymied. 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. 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. About Us| 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. Location. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. Band 1 . Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. 2010 - 2023 Best Lawyers All Rights Reserved. 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. 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. Collegiality and everything, talk is cheap, the former partner said. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. 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. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. 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. But the worst-case scenario never panned out. 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. 130 E. Randolph St. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Jon Ballis is Chairman of Kirkland's Executive Committee. Part of the culture change has been required by the scale of Kirklands business. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Morning Docket Morning Docket: 12.12.18 . By September, the firms M&A engine pushed to a new level that continued through last year. The latest hire, Lee, graduated Harvard Law School in 2006. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. There was no vote; he was the consensus choice. Learn more about a Bloomberg Law subscription. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. License our industry-leading legal content to extend your thought leadership and build your brand. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. Lockstep firms like Cravath and Wachtell used to be completely insulated from the lateral market, Jungers said, with Wachtell standing as the last fortress of lateral vulnerability thanks in part to its high profits per equity partner. Its very dependent upon who you are. We can destroy everybody else, and lets actually go destroy other people.. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. E-mail oureditor Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! In making your comments, please do not refer to a pending legal matter. To view this content, please continue to their sites. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. The old math was: one partner has a book of business. 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. It works with more than 450 private equity firms 430 Kirkland's equity partners. 2023 Leadership Council on Legal Diversity. 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 potential hire demurred, telling Ballis she wasnt planning to leave her firm. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Big Law firms are facing a retention crisis and Kirkland is no exception. Sam Mays's great-grandparents, Lottie and John Ballis 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. Clients pay them as much as $2,000 an hour to never be wrong. Log in to access all of your BLAW products. Kirkland is a very successful firm, said the source close to Kirkland. 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. Capital markets lawyers went into overtime helping companies raise debt to survive. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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