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Today, only two major law firms maintain a pure lockstep model. 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. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Big Law firms rarely admit problems. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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. I will tell you with full candor, I see tremendous opportunity and upside.. By September, the firms M&A engine pushed to a new level that continued through last year. He now faces the challenge of driving success while competition for top legal talent is fierce. 151 Best Lawyers: Ones to Watch in America awards. 7 Reasons to Get Your LL.M. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. 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. 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. 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. New private equity funds formed to take advantage of distressed opportunities. The original version of this story was published on International. 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. 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. There was no vote; he was the consensus choice. And if you dont want to work together, were not your kind of firm.. Now thats such a part of who we are that it happens naturally.. We use Customer Service| Big Law firms are facing a retention crisis and Kirkland is no exception. . 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. 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. 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. 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. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. License our industry-leading legal content to extend your thought leadership and build your brand. 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. Its very dependent upon who you are. 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. Brian F Richards Paul Hastings LLP16 Years Ranked. 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 now faces the challenge of driving success while competition for top legal talent is fierce. 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. 2. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. +1 312 862 2332. Please use the print button to print this profile page. 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. In making your comments, please do not refer to a pending legal matter. Join Law.com now! Jons passion and commitment to excellence carries into his philanthropic activities and board positions. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. For a full comparison of Standard and Premium Digital, click here. 130 E. Randolph St. 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. USA: Regional Spotlight. Capital markets lawyers went into overtime helping companies raise debt to survive. Hammes aggressive hiring remade the firms top management. This sky-high profitability coupled with the firms merit-based compensation system, which allows them to pay certain rainmakers more than those at a lockstep firm, has proven potent. 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 . While pandemic loomed, Kirkland & Ellis boomed, Kirkland & Ellis inks massive Salesforce Tower lease, Kirkland, Winston face pushback on arbitration agreements, Target and Solo Cup are opening huge warehouses in the southwest suburbs, Widow of Richard Duchossois selling Inverness home, Four ways to get Michael Jordan's mansion sold at last, State Farm posts record $6.7 billion loss as inflation takes a toll, Walgreens Boots Alliance plans partial HQ sale. He promised them more control over their futures, and doubled or tripled their salaries. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. View. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. Visit the website for Jon A. Ballis P.C. Still,many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Today, only two major law firms maintain a pure lockstep model. By September, the firms M&A engine pushed to a new level that continued through last year. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. 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. 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. Kirkland & Ellis LLP's longtime chairman Jeffrey Hammes will retire in early 2020 and will be replaced by Jon Ballis, a Chicago-based private equity partner and member of the firm's . Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 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. 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. 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.. This peer designation is awarded only to a select number of accomplished attorneys in each state. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. 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. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. The firm largely halted hiring, anticipating a two-month to two-year slowdown. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. All Rights Reserved. 2023 Leadership Council on Legal Diversity. And the misconception of who we are is not helpful to our institution.. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. Three months later, he learned shed joined a different firm. P.C. Facebook gives people the power to share and makes the world. Site Map, Advertise| Articles. We have encountered an error and are unable to send your message at this time. 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. 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. 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. +1 312-862-2332 jon.ballis@kirkland.com View profile. Jon Ballis is Chairman of Kirklands Executive Committee. The American Lawyer has also named Kirkland to its A-List for 10 years running. Missing Crain's in print? Big Law firms rarely admit problems. 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. We can destroy everybody else, and lets actually go destroy other people.. Ballis is unapologetic about the firm challenging its lawyers. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. 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.. I hate the term book of business.. Jon Ballis . Theyre a nightmare for the Wall Street firms.. 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. Kirkland revenue in 2018, up nearly 20% on 2017. 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. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. on Twitter, Navigate to map location for Kirkland & Ellis LLP, Call Kirkland & Ellis LLP at 312-862-2000, Visit the website for Kirkland & Ellis LLP, https://www.kirkland.com/lawyers/b/ballis-jon-a-pc. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. He liked how private equity clients expected him to solve their problems, rather than just offer advice. 2, with equity partners making an average of $5.2 million. By visiting our website or transacting with us, you agree to this. 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. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. 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. Business coverage in Chicago, from breaking news to razor-sharp analysis, in print and.. Competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money sharing! Get the Best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and.! To excellence carries into his philanthropic activities and board positions valuable for them, said a source close Kirkland. Companies, individual lawyers, and doubled or tripled their salaries our Standard Digital and Premium packages... Peer designation is awarded only to a pending legal matter Adds additional reporting in paragraph 14 and Andy Calder in. 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