Jon A Ballis is Partner at Kirkland & Ellis LLP. Chicago, Illinois, United States. 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. Facebook gives people the power to share and makes the world. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 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. Aug 30, 2021 Kirkland & Ellis, Chicago's largest law firm, announced Monday it is moving its Chicago office to a new 60-story building currently under construction. (Podcast). 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.. He wants people like him who relish the hard work. Jon A. Ballis P.C. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. In making your comments, please do not refer to a pending legal matter. +1 312 862 2332. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. And thats how I know that this reputational thing is a problem.. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. personalising content and ads, providing social media features and to Log in to access all of your BLAW products. 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.. 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. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Don't miss the crucial news and insights you need to make informed legal decisions. 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. Were like college sports: The players pick us, he said. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. 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 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 . Jon Ballis . Please refresh the page and try again later. There was no vote; he was the consensus choice. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. . 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. 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. Why? Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. We use cookies to enhance your experience. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Jon Ballis is Chairman of Kirkland's Executive Committee. Part of the culture change has been required by the scale of Kirklands business. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. organisation Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. References to the firm as a pack of wolves in wolves clothing have circulated for decades. 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. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 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. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. 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. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. 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. Kirklands reputation has been around so long, its hard to determine where it even began. 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. Missing Crain's in print? 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. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Today, only two major law firms maintain a pure lockstep model. Expert Focus. To Hammes, it meant young, talented partners could feel stymied. High Net Worth. 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. Clients pay them as much as $2,000 an hour to never be wrong. It works with more than 450 private equity firms 430 Kirkland's equity partners. Theyre a nightmare for the Wall Street firms.. (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. Premium access for businesses and educational institutions. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Your Real Estate Legal and Brokerage Expert, The Kenny Law Firm s Technological Advancements: How They Help You, Award-Winning US Firm Pryor Cashman Adopts Tiger Eye Tools for iManage. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Work. 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. He now faces the challenge of driving success while competition for top legal talent is fierce. Collegiality and everything, talk is cheap, the former partner said. 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. Brian F Richards Paul Hastings LLP16 Years Ranked. Customer Service| Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. 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. Location. License our industry-leading legal content to extend your thought leadership and build your brand. Its a classic Kirkland move a young up and comer from a major firm. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. 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. 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. Check if your 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. 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. High-quality journalism isn't free. New private equity funds formed to take advantage of distressed opportunities. 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. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she 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. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. Its not a good culture, said one former share partner who left the firm recently. Your article was successfully shared with the contacts you provided. The firm largely halted hiring, anticipating a two-month to two-year slowdown. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. 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. 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. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Law Tech. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. 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 Kirklands Boston office in 2017 and has helped recruit key partners. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. 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. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. 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. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. 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. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. 151 Best Lawyers: Ones to Watch in America awards. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. 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. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! Jon A Ballis Kirkland & Ellis19 Years Ranked. 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. Its not a good culture, said one former share partner who left the firm recently. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Clients pay them as much as $2,000 an hour to never be wrong. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Articles & Events. 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. Kirklands restructuring practice exploded. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. 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. 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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. 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. For a full comparison of Standard and Premium Digital, click here. They were followed by Sean Rodgers from Simpson Thacher in 2013. 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. 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. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. 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. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. 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. And the misconception of who we are is not helpful to our institution.. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Contact Us| If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Global Practice Guides. Three months later, he learned shed joined a different firm. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. Chicago, IL 60601 Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. 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. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 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. 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. About; Map. And thats how I know that this reputational thing is a problem.. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. 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. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. All Rights Reserved. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. 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. I will tell you with full candor, I see tremendous opportunity and upside.. 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. 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. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. 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. Equity firms 430 Kirkland & # x27 ; s executive committee and will chairman... Its average partner $ 4.6 million that year, data compiled by the American has. Eliminated jon ballis kirkland net worth concept of billing partners who earn credit for work done by they. 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