Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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. 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. We support credit card, debit card and PayPal payments. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. For a full comparison of Standard and Premium Digital, click here. 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. The latest hire, Lee, graduated Harvard Law School in 2006. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Ballis was selected the firms chairman in 2018 by a group of senior partners. 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. 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. 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 . ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). Please use the print button to print this profile page. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. The American Lawyer has also named Kirkland to its A-List for 10 years running. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. 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. 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. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. E-mail oureditor Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. 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. 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. . Big Law firms rarely admit problems. 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. 1-877-812-1590, The Most Powerful Women In Chicago Business. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. And the misconception of who we are is not helpful to our institution.. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. By September, the firms M&A engine pushed to a new level that continued through last year. 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 . That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. Since joining Kirkland in 2005, Ballis' practice has focused on. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. 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, which fights antisemitism and bigotry. university Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. I hate the term book of business.. Suite 3200 The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Site Map, Advertise| If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. He served as chair-elect for a year. Sam Mays's great-grandparents, Lottie and John Ballis 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. Work. 2010 - 2023 Best Lawyers All Rights Reserved. and other data for a number of reasons, such as keeping FT Sites reliable and secure, To contact the reporter on this story: Meghan Tribe in New York at mtribe@bloomberglaw.com; Roy Strom in Chicago at rstrom@bloomberglaw.com, To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Tom P. Taylor at ttaylor@bloomberglaw.com. 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. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Check if your E-mail oureditor Try for free at rocketreach.co . 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. +1 312 862 2332. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Sanford E Perl Kirkland & Ellis19 Years Ranked. Please refresh the page and try again later. In making your comments, please do not refer to a pending legal matter. Clients pay them as much as $2,000 an hour to never be wrong. Collegiality and everything, talk is cheap, the former partner said. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. He now faces the challenge of driving success while competition for top legal talent is fierce. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Were like college sports: The players pick us, he said. 2, with equity partners making an average of $5.2 million. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. Missing Crain's in print? Big Law firms are facing a retention crisis and Kirkland is no exception. In 2003, Stephen Fraidin left Fried Frank Harris Shriver & Jacobsen after 38 years to join Kirklands New York office and its growing M&A team. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. 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. 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. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. I will tell you with full candor, I see tremendous opportunity and upside.. 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. 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. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. For cost savings, you can change your plan at any time online in the Settings & Account section. 7 Reasons to Get Your LL.M. Big Law firms are facing a retention crisis and Kirkland is no exception. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Global Practice Guides. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. But the worst-case scenario never panned out. He wants people like him who relish the hard work. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Hammes worked hard to break that culture, Kirkland partners 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. Its a major challenge for a firm that only expects its workload to grow. In 2009, the firm poached one of Skaddens then-highest-paid partners, David Fox, along with Daniel Wolf, who made partner at Skadden at age 30. 130 E. Randolph St. 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. He promised them more control over their futures, and doubled or tripled their salaries. New private equity funds formed to take advantage of distressed opportunities. And thats how I know that this reputational thing is a problem.. Location. . There was no vote; he was the consensus choice. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. Its very dependent upon who you are. 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 . 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 A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. Its a classic Kirkland move a young up and comer from a major firm. 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. 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. 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. cookies Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. USA: Regional Spotlight. Jon Ballis is Chairman of Kirkland's Executive Committee. 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. To Hammes, it meant young, talented partners could feel stymied. 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. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. 2023 Leadership Council on Legal Diversity. 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. 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. Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications, Brought to you by Temple University Beasley School of Law. Kirkland has discovered they can hire very good, younger lawyers from other firms who work out as very good lawyers on Kirkland matters. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. 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. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Don't miss the crucial news and insights you need to make informed legal decisions. 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. 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. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. 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. 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. 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. 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. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. They took home more than $5m on average last year $2tn Private. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. 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 has been chairman of the firm's 15-member Global Management Executive Committee since 2010. Morning Docket Morning Docket: 12.12.18 . But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. 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. 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. Contact Us| All Rights Reserved. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. I hate the term book of business.. We use cookies to enhance your experience. Terms of Service. 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. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. How Kirkland Partners in Name Only Live in Limbo, Kirkland & Ellis hard-charging culture dubbed wolves in wolves clothing, Chairman wants to soften that image as firms battle for talent. 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. Three months later, he learned shed joined a different firm. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Kirkland is a very successful firm, said the source close to Kirkland. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Collegiality and everything, talk is cheap, the former partner said. Expert Focus. 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. 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. 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. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. 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. 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. Chicago, Illinois, United States. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? View. . (Podcast). The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. 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. The old math was: one partner has a book of business. There was no vote; he was the consensus choice. He promised them more control over their futures, and doubled or tripled their salaries. Her firm a branding problem Ellis was named an LCLD Top Performer in 2013, 2015, 2016 2017! Her firm n't miss the crucial news and insights you need to make informed legal.! 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