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. 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. Please refresh the page and try again later. He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. 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. 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. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. 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. 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. Sanford E Perl Kirkland & Ellis19 Years Ranked. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. university (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. Jon Ballis. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. 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. 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. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. Visit the website for Jon A. Ballis P.C. 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. 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. 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. Capital markets lawyers went into overtime helping companies raise debt to survive. License our industry-leading legal content to extend your thought leadership and build your brand. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Global Practice Guides. 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. Some partners at the. We have encountered an error and are unable to send your message at this time. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Ballis is unapologetic about the firm challenging its lawyers. 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. 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. 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. Some partners at the world's largest. Jon A Ballis Kirkland & Ellis19 Years Ranked. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 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Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. There is an arrogance that were the best. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . Copyright 2023 ALM Global, LLC. 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. Now thats such a part of who we are that it happens naturally.. You may change or cancel your subscription or trial at any time online. 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. organisation Some partners at the world's largest law firm earn more than $20 million a year, according to a former shareholder. Suite 3200 View. It works with more than 450 private equity firms 430 Kirkland's equity partners. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Premium access for businesses and educational institutions. Im not surprised at all he ended up being very successful, Gray said of Ballis. 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. Because Jon was so driven and cared so much and was a tenacious competitor.. 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.. Spotlight Guides. Facebook gives people the power to share and makes the world. Check if your The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Three months later, he learned shed joined a different firm. While Ballis admits Kirkland demands much of its people, his argument that the firm is misunderstood boils down to this: He says its been working to ferret out selfish, greedy behavior for more than a decade. Simply log into Settings & Account and select "Cancel" on the right-hand side. Listen to Roy Strom read his story. You see what type of lawyer he is and you want to be that.. 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. 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. Its very dependent upon who you are. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. There was no vote; he was the consensus choice. Both options are priced the same. 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 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. Today, only two major law firms maintain a pure lockstep model. 1. The 1.2 million-square-foot. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. About Us| Ballis is unapologetic about the firm challenging its lawyers. 2, with equity partners making an average of $5.2 million. While Ballis admits Kirkland demands much of its people, his argument that the firm is misunderstood boils down to this: He says its been working to ferret out selfish, greedy behavior for more than a decade. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. Jon A. Ballis P.C. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. The firm largely halted hiring, anticipating a two-month to two-year slowdown. 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. Hammes aggressive hiring remade the firms top management. Please refresh the page and try again later. - Chicago, IL - Lawyer | Best Lawyers Recognized since 2006 Chicago, Illinois Practice Areas Leveraged Buyouts and Private Equity Law Mergers and Acquisitions Law Biography Overview Firm Details Awards & Practice News & Media Publications Illinois 2023 Home Log In Begin Nomination Lawyers Methodology Insights Publications About 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.. Position. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. . (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. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Your article was successfully shared with the contacts you provided. The American Lawyer has also named Kirkland to its A-List for 10 years running. Our Team Account subscription service is for legal teams of four or more attorneys. 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-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. 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 use cookies to enhance your experience. Articles. Don't miss the crucial news and insights you need to make informed legal decisions. By September, the firms M&A engine pushed to a new level that continued through last year. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. . Compare Standard and Premium Digital here. Learn more about a Bloomberg Law subscription. Collegiality and everything, talk is cheap, the former partner said. They were followed by Sean Rodgers from Simpson Thacher in 2013. Law Tech. 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 firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Kirkland revenue in 2018, up nearly 20% on 2017. 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. The Super Lawyers selection process takes into account peer . 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. By September, the firms M&A engine pushed to a new level that continued through last year. 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. 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 makes Ballis task all the more difficult. 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. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Firms global management committee members joined Kirkland in 2005 and served in a variety leadership. 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jon ballis kirkland net worth