Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. Were like college sports: The players pick us, he said. 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. 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. We have encountered an error and are unable to send your message at this time. Hammes has overseen period of huge growth for Kirkland Kirkland & Ellis Chair Jeffrey Hammes will step down early in 2020, and will be replaced by partner Jon Ballis, an internal firm memo provided to Bloomberg Law shows. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. 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. He promised them more control over their futures, and doubled or tripled their salaries. 151 Best Lawyers: Ones to Watch in America awards. But the worst-case scenario never panned out. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. 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. 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. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. 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. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! 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. 7 Reasons to Get Your LL.M. During his career, Jon has handled matters on behalf of many of the leading private equity firms in the country, including Bain, Blackstone, Centerbridge, Cerberus, Hellman & Friedman, KKR, Madison Dearborn, Pritzker Group, Silver Lake, TPG, and Thomas H. Lee. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Contact Us| About; Map. But Kirkland was No. Part of the culture change has been required by the scale of Kirklands business. 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 on Facebook. Because Jon was so driven and cared so much and was a tenacious competitor.. Hammes worked hard to break that culture, Kirkland partners said. 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. 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. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Site Map, Advertise| This peer designation is awarded only to a select number of accomplished attorneys in each state. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Kirklands reputation has been around so long, its hard to determine where it even began. But the worst-case scenario never panned out. 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. Learn more about a Bloomberg Law subscription. That conversation happens often. 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. 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. Log in to access all of your BLAW products. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Band 1 . Hammes worked hard to break that culture, Kirkland partners said. 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. Im not surprised at all he ended up being very successful, Gray said of Ballis. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. 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. You can still enjoy your subscription until the end of your current billing period. Its very dependent upon who you are. Clients pay them as much as $2,000 an hour to never be wrong. Because Jon was so driven and cared so much and was a tenacious competitor.. 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. Commitment to these priorities has helped Kirkland deepen its practice area expertise, extend its worldwide reach and earn industry recognition for workplace culture, including placements on the prestigious Notable Diverse Leaders in Law, Notable Leaders in Sustainability, and Best Law Firms for Women lists. Kirklands gross revenue in 2019 surpassed $4.1 billion. Clients describe Jon as a go-to guy in the marketplace, a lawyer with stellar legal judgement, and someone with the ability to take a big picture, strategic perspective on transactions.. See Jon A Ballis's compensation, career history, education, & memberships. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Capital markets lawyers went into overtime helping companies raise debt to survive. Why? 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. Its a classic Kirkland move a young up and comer from a major firm. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. He served as chair-elect for a year. 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. (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. Global Practice Guides. 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. Kirklands reputation has been around so long, its hard to determine where it even began. Please consider subscribing to Crain's. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 2, with equity partners making an average of $5.2 million. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Bloomberg Markets Americas. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. He wants people like him who relish the hard work. Articles & Events. Location. Its a major challenge for a firm that only expects its workload to grow. And if you dont want to work together, were not your kind of firm.. USA: Regional Spotlight. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. cookies Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. Try for free at rocketreach.co . The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. Ballis was selected the firms chairman in 2018 by a group of senior partners. Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. 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. (Podcast). +1 312 862 2332. Facebook gives people the power to share and makes the world. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . 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. 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. Don't miss the crucial news and insights you need to make informed legal decisions. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. 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. 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. There was no vote; he was the consensus choice. Jon Ballis . Chairman, Kirkland & Ellis LLP. That makes Ballis task all the more difficult. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Its a major challenge for a firm that only expects its workload to grow. Chicago
Now thats such a part of who we are that it happens naturally.. and other data for a number of reasons, such as keeping FT Sites reliable and secure, All Rights Reserved. And thats how I know that this reputational thing is a problem.. Law Tech. Commitment to these priorities has helped Kirkland deepen its practice area expertise, extend its worldwide reach and earn industry recognition for workplace culture, including placements on the prestigious Notable Diverse Leaders in Law, Notable Leaders in Sustainability, and Best Law Firms for Women lists. 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. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. 2010 - 2023 Best Lawyers All Rights Reserved. Collect revenues for it, ONeil said: Regional Spotlight raise debt to survive partner soared nearly 20 to... 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