Spotlight Guides. For a full comparison of Standard and Premium Digital, click here. The latest hire, Lee, graduated Harvard Law School in 2006. 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. He now faces the challenge of driving success while competition for top legal talent is fierce. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. 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. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. (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. "[T]he Kirkland . But the worst-case scenario never panned out. Chicago, IL 60601 Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. Jon Ballis . When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. Click below to see everything we have to offer. 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.. Hiring Edward Lee from Wachtell Lipton Rosen & Katz sent a clear signal to the industry that the Chicago-founded firm poses a threat to even the most venerable white-shoe firms and their lockstep pay structures that set compensation based on seniority. 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. 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. About; Map. Capital markets lawyers went into overtime helping companies raise debt to survive. To Hammes, it meant young, talented partners could feel stymied. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. 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. Location. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. I will tell you with full candor, I see tremendous opportunity and upside.. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Hammes aggressive hiring remade the firms top management. There was no vote; he was the consensus choice. . Jon Ballis is on Facebook. Join Law.com now! He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. By September, the firms M&A engine pushed to a new level that continued through last year. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Big Law firms rarely admit problems. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. 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. 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. 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 is unapologetic about the firm challenging its lawyers. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. 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. Hammes worked hard to break that culture, Kirkland partners said. 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. Since joining Kirkland in 2005, Ballis' practice has focused on. He served as chair-elect for a year. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Both options are priced the same. Jon Ballis is Chairman of Kirkland's Executive Committee. 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 wants people like him who relish the hard work. To Hammes, it meant young, talented partners could feel stymied. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. 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. The old math was: one partner has a book of business. 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 joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. on LinkedIn, Share profile for Jon A. Ballis P.C. 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. 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. Litigation Support. I hate the term book of business.. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. Ballis was selected the firms chairman in 2018 by a group of senior partners. (Podcast). P.C. 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. Its a major challenge for a firm that only expects its workload to grow. Jon A. Ballis P.C. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Not a Bloomberg Law Subscriber?Subscribe Now. Some partners at the. That conversation happens often. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. 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. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. I hate the term book of business.. (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. Don't miss the crucial news and insights you need to make informed legal decisions. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Its a major challenge for a firm that only expects its workload to grow. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. There is an arrogance that were the best. 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. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. The firm largely halted hiring, anticipating a two-month to two-year slowdown. Kirkland has discovered they can hire very good, younger lawyers from other firms who work out as very good lawyers on Kirkland matters. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? Visit the website for Jon A. Ballis P.C. 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. Terms of Service. This is not in the playbook of how to run this law firm, he remembers thinking. 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. Why? 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. Jon A Ballis Kirkland & Ellis19 Years Ranked. 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. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. university 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." Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. 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. Ballis is a founder and director of the Vision for Tomorrow Foundation and serves on the boards of the Anti-Defamation League and the Illinois Holocaust Museum & Education Center. They were followed by Sean Rodgers from Simpson Thacher in 2013. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. E-mail oureditor Ballis was selected the firms chairman in 2018 by a group of senior partners. Big Law firms rarely admit problems. License our industry-leading legal content to extend your thought leadership and build your brand. . Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. Jon Ballis. Suite 3200 Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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 [email protected], To contact the editors responsible for this story: Cheryl Saenz at [email protected]; Bernie Kohn at [email protected]; Chris Opfer at [email protected]. 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. 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. 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 . 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. Its a classic Kirkland move a young up and comer from a major firm. 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. Three months later, he learned shed joined a different firm. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. 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. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Kirklands reputation has been around so long, its hard to determine where it even began. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. Try for free at rocketreach.co . Im not surprised at all he ended up being very successful, Gray said of Ballis. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Now thats such a part of who we are that it happens naturally.. Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Hammes worked hard to break that culture, Kirkland partners said. +1 312 862 2332. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Learn more about a Bloomberg Law subscription. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. 1-877-812-1590, Dozens of hair product lawsuits consolidated in Chicago court, Former federal judge joins Kaplan & Grady, The powerful Kirkland & Ellis lawyer at the center of a private equity storm in Europe, Sponsored Content: Accountability today for a sustainable tomorrow, The Most Powerful Women In Chicago Business. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. References to the firm as a pack of wolves in wolves clothing have circulated for decades. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. The 60-story building is expected to open in 2023. 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. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. 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. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. He now faces the challenge of driving success while competition for top legal talent is fierce. Were Goldman Sachs or McKinsey of the law firm world. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. We use cookies to enhance your experience. 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. The Super Lawyers selection process takes into account peer . 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. You may change or cancel your subscription or trial at any time online. 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. Band 1 . The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Chicago
Clients pay them as much as $2,000 an hour to never be wrong. 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. 2023 Leadership Council on Legal Diversity. 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. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Part of the culture change has been required by the scale of Kirklands business. 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. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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. And thats how I know that this reputational thing is a problem.. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Navigate to map location for Jon A. Ballis P.C. 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. 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. 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. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. 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. 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. personalising content and ads, providing social media features and to High Net Worth. 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. 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. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. By visiting our website or transacting with us, you agree to this. 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. 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 . Expert Focus. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Site Map, Advertise| Its not a good culture, said one former share partner who left the firm recently. All Rights Reserved. We use 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. 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. Challenge of driving success while competition for top legal talent is fierce by visiting our website transacting... 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