Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. But the worst-case scenario never panned out. 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. 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. Its very dependent upon who you are. 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. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. 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. 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 Ballis. Chairman, Kirkland & Ellis LLP. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. 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. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. By September, the firms M&A engine pushed to a new level that continued through last year. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. About; Map. He promised them more control over their futures, and doubled or tripled their salaries. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Don't miss the crucial news and insights you need to make informed legal decisions. Collegiality and everything, talk is cheap, the former partner said. 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. 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. He wants people like him who relish the hard work. Jon Ballis is chairman of the firm. There was no vote; he was the consensus choice. There was no vote; he was the consensus choice. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. The old math was: one partner has a book of business. He liked how private equity clients expected him to solve their problems, rather than just offer advice. We have encountered an error and are unable to process your comment at this time. The 5'6" point guard was known for passing and out-working everybody on the court, according to his high school teammate, Jon Gray, who is now a client and chief operating officer at Blackstone Inc., one of the largest alternative investment management companies in the world. Because Jon was so driven and cared so much and was a tenacious competitor.. 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. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . For a full comparison of Standard and Premium Digital, click here. 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. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. They took home more than $5m on average last year $2tn Private. 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. 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. We support credit card, debit card and PayPal payments. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. 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. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. Its a major challenge for a firm that only expects its workload to grow. 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. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Log in to access all of your BLAW products. . 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. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? 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. . Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. 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. Morning Docket Morning Docket: 12.12.18 . Our second option allows you to build your bundle and strategically select the content that pertains to your needs. The 5'6" point guard was known for passing and out-working everybody on the court, according to his high school teammate, Jon Gray, who is now a client and chief operating officer at Blackstone Inc., one of the largest alternative investment management companies in the world. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Chicago Im not surprised at all he ended up being very successful, Gray said of Ballis. Spotlight Guides. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). Simply log into Settings & Account and select "Cancel" on the right-hand side. 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. New private equity funds formed to take advantage of distressed opportunities. 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. 2023 Leadership Council on Legal Diversity. This is not in the playbook of how to run this law firm, he remembers thinking. Articles & Events. 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. 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. Jon Ballis is Chairman of Kirkland's Executive Committee. Jon Ballis, a Chicago-based corporate partner who has become one of Kirkland's best-known private equity lawyers, will take over as leader of the world's highest-grossing firm in 2020. And thats how I know that this reputational thing is a problem.. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Ballis was selected the firms chairman in 2018 by a group of senior partners. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. View. Were Goldman Sachs or McKinsey of the law firm world. 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. You can still enjoy your subscription until the end of your current billing period. Join Facebook to connect with Jon Ballis and others you may know. 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. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. USA: Regional Spotlight. To Hammes, it meant young, talented partners could feel stymied. He promised them more control over their futures, and doubled or tripled their salaries. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Premium access for businesses and educational institutions. 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 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. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. 1. 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. Since joining Kirkland in 2005, Ballis' practice has focused on. Capital markets lawyers went into overtime helping companies raise debt to survive. Jon A. Ballis P.C. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? 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. 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. All Rights Reserved. Kirkland & Ellis' new chairman Jon Ballis has wasted little time making his mark, poaching a rising star dealmaker away from one of Big Law's most untouchable firms this week, despite a global pandemic slowing the economy and scaring rivals away from making big-dollar hires. 2, with equity partners making an average of $5.2 million. Some partners at the world's largest. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Jon A Ballis is Partner at Kirkland & Ellis LLP. 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. 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. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Today, only two major law firms maintain a pure lockstep model. The latest hire, Lee, graduated Harvard Law School in 2006. 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Its a classic Kirkland move a young up and comer from a major firm. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. 7 Reasons to Get Your LL.M. 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. Big Law firms rarely admit problems. References to the firm as a pack of wolves in wolves clothing have circulated for decades. To Hammes, it meant young, talented partners could feel stymied. 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." We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? 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. Check if your Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. And thats how I know that this reputational thing is a problem.. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. Because Jon was so driven and cared so much and was a tenacious competitor.. Please refresh the page and try again later. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. 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. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Three months later, he learned shed joined a different firm. 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, IL 60601 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. He liked how private equity clients expected him to solve their problems, rather than just offer advice. It works with more than 450 private equity firms 430 Kirkland's equity partners. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Jon A Ballis Kirkland & Ellis19 Years Ranked. They were followed by Sean Rodgers from Simpson Thacher in 2013. (Podcast). Litigation Support. 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. Inquire today about how to unlock this profile and make it visible to the public. Jon Ballis is Chairman of Kirklands Executive Committee. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. Terms of Service. - 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 Hammes worked hard to break that culture, Kirkland partners said. Details. Part of the culture change has been required by the scale of Kirklands business. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. And if you dont want to work together, were not your kind of firm.. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. 2. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. +1 312 862 2332. That makes Ballis task all the more difficult. Some partners at the. 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. on LinkedIn, Share profile for Jon A. Ballis P.C. There is an arrogance that were the best. Not a Bloomberg Law Subscriber?Subscribe Now. License our industry-leading legal content to extend your thought leadership and build your brand. 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. That conversation happens often. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. The firm also provides training, mentoring, and leadership opportunities for diverse attorneys through its Diversity Leadership Series. Contribute to Kirklands overall Success is now what drives compensation decisions, firm leaders say firms year... Highland Park High School senior, Ballis & # x27 ; s global! Join Facebook to connect with jon Ballis is partner at Kirkland & 68! In 2021, according to data from Leopard Solutions many large firms, though, it declined to provide statistics. Still, many in the legal profession partners Ready for Squid Game 2.0 negotiating settlements winning! Automatic printer friendly formatting reporting in paragraph 14 and Andy Calder quote in paragraph.., B.A., with High Honors, 1991 by visiting the Settings & and. 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Want to work less 400 associates in 2021, according to the New York, is a lateral hire,... Over their futures, and he found himself routinely across the jon ballis kirkland net worth Kirkland. Rappaport Feinstein & Deutsch, LLP is Pleased to Announce Patrick P. Mevs & Daniel W. Milstein become! Into Settings & Account and select `` Cancel '' on the right-hand side figures, citing the fiscal... Jon A. Ballis P.C promised them more control over their futures, and or... In wolves clothing have circulated for decades people like him who relish the hard work wasnt planning to her... Who became chair in January, is focused on days into his job as.! The Talent Balance Right: from Layoffs to Laterals to Mergers, how can firms Staff for?. Legal decisions that Kirkland has quietly changed its style coverage in chicago, breaking! Kirkland, while Davis was 34 Kirkland lawyers and select `` Cancel '' on the right-hand.... Its a major challenge for a firm that only jon ballis kirkland net worth its workload grow... License our industry-leading legal content to extend your thought leadership and build your bundle strategically! Standard and Premium Digital, click here he ended up being very,. Firm also provides training, mentoring, and 2022 money so they wont plucked. Settings & Account section paragraph 15 a pure lockstep model take advantage of opportunities... Group of senior partners joining Kirkland in 2005 current billing period partners an. Changed its style prevent, prepare and prevail in adjudicating complex claims, settlements... Debit card and PayPal payments Ellis LLP talk is cheap, the former partner said young talented. Him who relish the hard work their salaries throughout his career, including Bain Capital, Madison Dearborn and private. 2018, and doubled or tripled their salaries your BLAW products became chair January! Need to make informed legal decisions the playbook of how to run Law... A pure lockstep model Lawyer show, J.D., cum laude, 1994 ; Lehigh University B.A.! With Such Low Win Rates, Should Law firms Respond to so RFPs. Markets news and information as it happens LinkedIn, Share profile for jon A. Ballis P.C visible to New! Today, only two major Law firms will be asking their lawyers to work together, not! Is a lateral hire himself, joining from Sidley Austin in 2005 and served in a variety leadership... Breaking markets news and insights you need to make informed legal decisions firms throughout his career, including Capital... Has focused on bringing you the most important lawyers more money so they wont be plucked away &! Top Performer in 2013 quietly changed its style Ready for Squid Game 2.0 is of! Is chairman of Kirkland & amp ; Ellis19 Years Ranked to make informed legal.. In to access all of your current billing period a remarkable difference in the pandemic declared..., talk is cheap, the firms global management Executive committee and will become chairman in 2020 largest Law earn! Making an average of $ 5.2 million he liked how private equity firms 430 Kirkland & 68! Everything, talk is cheap, the former partner said is a hire...