https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Were like college sports: The players pick us, he said. Part of the culture change has been required by the scale of Kirklands business. Navigate to map location for Jon A. Ballis P.C. But Kirkland was No. Global Practice Guides. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. 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. Its a major challenge for a firm that only expects its workload to grow. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. 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. Its very dependent upon who you are. Location. 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. +1 312-862-2332 jon.ballis@kirkland.com View profile. 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. 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. The firm largely halted hiring, anticipating a two-month to two-year slowdown. in Trial Advocacy, A Corporate Counsel Guide to Successful Contract Lifecycle Management, Women, Influence & Power in Law UK Awards 2023, Legalweek Leaders in Tech Law Awards 2023, COMMERCIAL FINANCE ATTORNEY - CT OFFICES; REMOTE will be considered, AARONSON RAPPAPORT FEINSTEIN & DEUTSCH, LLP, Understanding the Las Vegas Crime Rate with Attorney Tony Sgro, Introducing Virginia Ivanova, Esq. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Its a major challenge for a firm that only expects its workload to grow. They service that book of business, and they collect revenues for it, ONeil said. About; Map. 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. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. 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. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. 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. Big Law firms rarely admit problems. To Hammes, it meant young, talented partners could feel stymied. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Jon Ballis . 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.. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. 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. on Facebook, Share profile for Jon A. Ballis P.C. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. For cost savings, you can change your plan at any time online in the Settings & Account section. Three months later, he learned shed joined a different firm. 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. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. And thats how I know that this reputational thing is a problem.. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. 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. About Us| Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. In his role, Jon is responsible for establishing and executing upon Kirklands strategic priorities, including advancing business initiatives and promoting a culture of performance, collaboration and collegiality. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Jon Ballis is chairman of the firm. 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. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. 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. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. Suite 3200 7 Reasons to Get Your LL.M. 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. He served as chair-elect for a year. Sanford E Perl Kirkland & Ellis19 Years Ranked. 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. 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. Because Jon was so driven and cared so much and was a tenacious competitor.. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Theyre a nightmare for the Wall Street firms.. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. See Jon A Ballis's compensation, career history, education, & memberships. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. 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. And if you dont want to work together, were not your kind of firm.. 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. He now faces the challenge of driving success while competition for top legal talent is fierce. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. 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. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. 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. 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. Please refresh the page and try again later. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. 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. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. I hate the term book of business.. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Bloomberg Markets Americas. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. He is also vocal about the role lawyers play in promoting social justice, writing in 2020, "As lawyers, we have a unique position in society to make progress in the areas of inclusion and racial and social injustice.". Missing Crain's in print? 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 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Terms of Service. 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. 2. Live from New York, is 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. Kirklands restructuring practice exploded. offers FT membership to read for free. (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. Jon Ballis is one of the young stars of the Kirkland & Ellis buyouts practice, and a standout player for private equity firms doing deals in America's third largest city of Chicago, centre of the . 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. 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. Chicago, IL 60601 Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. For instance, how much business you generated, how many lawyers you brought in to work on your matters or whether you gave up a client so the firm could advise its more lucrative adversary. View. Sam Mays's great-grandparents, Lottie and John Ballis From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. 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