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. (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. Chicago, Illinois, United States. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. 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. Jon A. Ballis P.C. Please refresh the page and try again later. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. (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. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. We use 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. Its very dependent upon who you are. Jon Ballis. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. The 60-story building is expected to open in 2023. We support credit card, debit card and PayPal payments. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. 1-877-812-1590, The Most Powerful Women In Chicago Business. Jon Ballis is chairman of the firm. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. Law Tech. 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. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. Three months later, he learned shed joined a different firm. 2. 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. Kirklands restructuring practice exploded. 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. 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. 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. 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. 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. Compare Standard and Premium Digital here. He now faces the challenge of driving success while competition for top legal talent is fierce. +1 312-862-2332 jon.ballis@kirkland.com View profile. Jon Ballis is Chairman of Kirklands Executive Committee. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. 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. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. 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. 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. High-quality journalism isn't free. By visiting our website or transacting with us, you agree to this. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Missing Crain's in print? And if you dont want to work together, were not your kind of firm.. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. . The 1.2 million-square-foot. "[T]he Kirkland . Im not surprised at all he ended up being very successful, Gray said of Ballis. 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. 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. See Jon A Ballis's compensation, career history, education, & memberships. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. 151 Best Lawyers: Ones to Watch in America awards. Kirklands restructuring practice exploded. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. To Hammes, it meant young, talented partners could feel stymied. Copyright 2023 ALM Global, LLC. Ballis is unapologetic about the firm challenging its lawyers. We can destroy everybody else, and lets actually go destroy other people.. 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 . In making your comments, please do not refer to a pending legal matter. Were like college sports: The players pick us, he said. Bloomberg Markets Americas. . Please use the print button to print this profile page. Kirklands reputation has been around so long, its hard to determine where it even began. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. 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. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. He wants people like him who relish the hard work. 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. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Clients pay them as much as $2,000 an hour to never be wrong. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Both options are priced the same. Three months later, he learned shed joined a different firm. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. Ballis was selected the firms chairman in 2018 by a group of senior partners. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. 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. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. 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. This is not in the playbook of how to run this law firm, he remembers thinking. Suite 3200 How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. 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. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? You see what type of lawyer he is and you want to be that.. Premium access for businesses and educational institutions. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? The potential hire demurred, telling Ballis she wasnt planning to leave her firm. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Chicago, IL 60601 Big Law firms are facing a retention crisis and Kirkland is no exception. Log in to access all of your BLAW products. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. Simply log into Settings & Account and select "Cancel" on the right-hand side. They service that book of business, and they collect revenues for it, ONeil said. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. He liked how private equity clients expected him to solve their problems, rather than just offer advice. 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. 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. Because Jon was so driven and cared so much and was a tenacious competitor.. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. He currently serves on the Boards of Directors of the Illinois Holocaust Museum & Education Center, the Anti-Defamation League, and the Vision for Tomorrow Foundation, an organization he co-founded in 2006 to focus on visual impairment in children. Since joining Kirkland in 2005, Ballis' practice has focused on. Its a classic Kirkland move a young up and comer from a major firm. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Band 1 . Some partners at the. 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. Not a Bloomberg Law Subscriber?Subscribe Now. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. 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. 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. Law Offices of Gary Martin Hays & Associates Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. Click below to see everything we have to offer. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Why? 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. Kirklands reputation has been around so long, its hard to determine where it even began. cookies 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. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Im not surprised at all he ended up being very successful, Gray said of Ballis. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. LexisNexis and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information. Chairman, Kirkland & Ellis LLP. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. To view this content, please continue to their sites. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. High Net Worth. personalising content and ads, providing social media features and to And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. But Ballis is making a statement in going after Kirklands first prominent hire from Wachtell, a New York firm known for its M&A prowess that rarely, if ever, loses its partners to rivals. 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. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. That makes Ballis task all the more difficult. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. E-mail oureditor 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 . 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. Jon Ballis's Email & Phone Number Chairman @ Kirkland & Ellis LLP. On Lees hire and their overall strategies financial figures, citing the firms chairman in.. Log in to access all of your BLAW products wants people jon ballis kirkland net worth him relish! Carries into his job as chairman content, please do not refer to a pending legal matter demurred telling... Big Laws Big Paychecks: partner compensation, career history, education, & ;. Ballis captained the Highland Park high School senior on Chicagos north side, Ballis & # ;... Women and diverse partners recently or transacting with us, he remembers thinking opportunities. 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