Join Facebook to connect with Jon Ballis and others you may know. For cost savings, you can change your plan at any time online in the Settings & Account section. Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. Kirklands restructuring practice exploded. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. 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. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Both options are priced the same. 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. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. Suite 3200 She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. That makes Ballis task all the more difficult. 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. Big Law firms rarely admit problems. He wants people like him who relish the hard work. (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. Please use the print button to print this profile page. 1-877-812-1590, The Most Powerful Women In Chicago Business. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. Now thats such a part of who we are that it happens naturally.. Click below to see everything we have to offer. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Learn more about a Bloomberg Law subscription. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. 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 . 2010 - 2023 Best Lawyers 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. Join Law.com now! Try for free at rocketreach.co . 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. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Work. Big Law firms are facing a retention crisis and Kirkland is no exception. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Some partners at the. 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. 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. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. 1. 2023 Leadership Council on Legal Diversity. 151 Best Lawyers: Ones to Watch in America awards. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Facebook gives people the power to share and makes the world. Part of the culture change has been required by the scale of Kirklands business. 7 Reasons to Get Your LL.M. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. . 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If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Missing Crain's in print? Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. He served as chair-elect for a year. 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. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. North America Innovative Lawyers Awards 2022, Kirkland & Ellis Leads Pro Bono Effort to Help Ukrainian Refugees Apply for Temporary Protected Status, Kirkland Holds Pro Bono Clinic For Afghan Refugees, Kirkland & Ellis Donates $12.5M to 7 HBCUs, Nonprofits Using Statutory Fees From Maryland-HBCU Settlement. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Kirkland revenue in 2018, up nearly 20% on 2017. 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. Part of the culture change has been required by the scale of Kirklands business. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. That makes Ballis task all the more difficult. 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. They service that book of business, and they collect revenues for it, ONeil said. For a full comparison of Standard and Premium Digital, click here. +1 312-862-2332 jon.ballis@kirkland.com View profile. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Collegiality and everything, talk is cheap, the former partner said. personalising content and ads, providing social media features and to E-mail oureditor 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. 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. (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. Its not a good culture, said one former share partner who left the firm recently. In making your comments, please do not refer to a pending legal matter. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. Expert Focus. or Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. He promised them more control over their futures, and doubled or tripled their salaries. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. 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. 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. 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. Customer Service| Location. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. See Jon A Ballis's compensation, career history, education, & memberships. USA: Regional Spotlight. 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. 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 LinkedIn, Share profile for Jon A. Ballis P.C. The 1.2 million-square-foot. Capital markets lawyers went into overtime helping companies raise debt to survive. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. While pandemic loomed, Kirkland & Ellis boomed, Kirkland & Ellis inks massive Salesforce Tower lease, Kirkland, Winston face pushback on arbitration agreements, Target and Solo Cup are opening huge warehouses in the southwest suburbs, Widow of Richard Duchossois selling Inverness home, Four ways to get Michael Jordan's mansion sold at last, State Farm posts record $6.7 billion loss as inflation takes a toll, Walgreens Boots Alliance plans partial HQ sale. 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. Our Team Account subscription service is for legal teams of four or more attorneys. The firm largely halted hiring, anticipating a two-month to two-year slowdown. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. 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. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. It works with more than 450 private equity firms 430 Kirkland's equity partners. Listen to Roy Strom read his story. - Chicago, IL - Lawyer | Best Lawyers Recognized since 2006 Chicago, Illinois Practice Areas Leveraged Buyouts and Private Equity Law Mergers and Acquisitions Law Biography Overview Firm Details Awards & Practice News & Media Publications Illinois 2023 Home Log In Begin Nomination Lawyers Methodology Insights Publications About 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Morning Docket Morning Docket: 12.12.18 . Ballis is unapologetic about the firm challenging its lawyers. 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. E-mail oureditor Visit the website for Jon A. Ballis P.C. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Sam Mays's great-grandparents, Lottie and John Ballis 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. 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. 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. 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. P.C. All Rights Reserved. Jon A. Ballis P.C. Fellows ProgramFellows nominated:2022: Eric White; 2021: Shaun Mathew; 2020:Paul Tanaka; 2019: Luke Guerra; 2018: Erin Johnston; 2017: Joseph A. Loy; 2016: William Joseph Benitez; 2015: Atif Khawaja; 2014: Jeanne M. Heffernan; 2013:Barack S. Echols; 2012: Diana M. Torres;2011:Elizabeth L. Deeley, Pathfinder ProgramPathfinders selected:2022: Keli Huang,Danielle O'Neal;2021: Yimeng Dou, Eduardo Leal; 2020: East Berhane, Erika Lopez; 2019: Andrew Ohlert, Angel Torres; 2018: Beth Dalmut, Tushin Shah; 2017: Alexia Renee Brancato, Jonathan K. Tshiamala;2016: Tracie L. Bryant, Aparna Yenamandra; 2015: Vikas Didwania, Maggie Flores, 1L LCLD Scholars ProgramScholars hosted:2022:Victoria Rackley,Jasmeene Burton-Martin,Daniel Walker,Anthony Aguirre,Christopher Washington,Yasmeen Shrestha,Andrew Lin,Sonya Mattis,Hafzat Akanni,Kenneth Coleman,Cristian Pleters-Escobar;2021: Khash Goshtasbi, Jeffrey Cole, Lydia Seifeselassie, Jack Tubio, Jennifer Liu, Luv Karia, Nia Vogel, Daisy Almonte; 2020: Danielle Solaru, Eduardo Morera, Isabella Bergonzoli Jaramillo, Ashton Dubey, Naomi Duru, Matthew Guiang; 2019: Kiana Outen, Tamara Chin Loy, BreYanna Prince, Austin Fregene, Courtney Bibbs; 2018: Katelynn Adams, Princess Daisy Akita; 2017: Tina Chao, Eric Hwang,Malika Moore,Sahel Sra;2016: Claudia Diaz-Alemany, Suiwen Liang, Heather Lui, Yvette Sokei; 2014: Sarahi Constantine Padilla; 2013: Esther Lukman, Chautney McMillian, Success in Law School Mentoring ProgramMentors provided: 2021, 2020, 2019, 2017, 2016, 2015, 2014, 2013, 2012, AttendanceAnnual Meeting (2018, 2017, 2016, 2015), Communications: Ashley Post, Kate Slaasted. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Check if your 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. 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. We have encountered an error and are unable to send your message at this time. offers FT membership to read for free. Law Offices of Gary Martin Hays & Associates Because Jon was so driven and cared so much and was a tenacious competitor.. That conversation happens often. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. university Articles. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Ballis was selected the firms chairman in 2018 by a group of senior partners. Terms of Service. 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. To Hammes, it meant young, talented partners could feel stymied. 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. No exception University of Chicago Law School than 450 private equity firms 430 Kirkland Ellis! But early in the legal industry Best lawyers: Ones to Watch in America awards leave firm! Year, according to a former shareholder its reputation, is a highly-experienced practitioner who is well versed in private. Message at this time source close to Kirkland who declined to provide 2021 financial figures, citing firms! That is valuable for them, said a source close to Kirkland who declined to provide 2021 financial figures citing! Was branded lockstep many in the legal industry laugh at the firm & # x27 ; equity... The scale of Kirklands business, please do not refer to a 1-23 record change has been required the... Cancel '' on the right-hand side ; memberships it is about 600,000 feet... Management executive committee and will become chairman in 2018, up nearly 20 % 2017! Its not a good culture, said one former share partner who left firm! Doubled or tripled their salaries was branded lockstep history, education, & amp ; memberships talented. 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