Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. 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 world's largest. Your article was successfully shared with the contacts you provided. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. Jon A. Ballis P.C. 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. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . on Facebook, Share profile for Jon A. Ballis P.C. Expert Focus. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. Its not a good culture, said one former share partner who left the firm recently. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. 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 firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. 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 . 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. Litigation Support. 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 . Band 1 . Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . Please consider subscribing to Crain's. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. By visiting our website or transacting with us, you agree to this. 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." He eliminated the concept of billing partners who earn credit for work done by clients they brought into the fold. or See Jon A Ballis's compensation, career history, education, & memberships. Inquire today about how to unlock this profile and make it visible to the public. Chicago, IL 60601 This peer designation is awarded only to a select number of accomplished attorneys in each state. 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. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. . Were like college sports: The players pick us, he said. (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. 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. Hammes aggressive hiring remade the firms top management. 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. 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. Terms of Service. 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. Global Practice Guides. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. Site Map, Advertise| personalising content and ads, providing social media features and to Missing Crain's in print? The rest have been forced to pay their most important lawyers more money so they wont be plucked away. This is not in the playbook of how to run this law firm, he remembers thinking. All Rights Reserved. He now faces the challenge of driving success while competition for top legal talent is fierce. Learn more about a Bloomberg Law subscription. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Candidates should Duane Morris LLP has an opening for Litigation Associate with 2-3 years of experience to join its Trial Practice Group in Houston. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. 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. 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. Kirkland revenue in 2018, up nearly 20% on 2017. Morning Docket Morning Docket: 12.12.18 . (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. 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. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. 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 . 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. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. Jon Ballis. 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 latest hire, Lee, graduated Harvard Law School in 2006. (Podcast). We can destroy everybody else, and lets actually go destroy other people.. The 60-story building is expected to open in 2023. Big Law firms rarely admit problems. We use cookies to enhance your experience. To view this content, please continue to their sites. 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. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. The American Lawyer has also named Kirkland to its A-List for 10 years running. Facebook gives people the power to share and makes the world. Sanford E Perl Kirkland & Ellis19 Years Ranked. 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. Capital markets lawyers went into overtime helping companies raise debt to survive. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. Anti-Defamation League, Civic Committee, Commercial Club of Chicago, Economic Club, Illinois Holocaust Museum, Legal Aid Chicago Justice Circle, Vision for Tomorrow Foundation. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Jon Ballis is Chairman of Kirklands Executive Committee. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. There is an arrogance that were the best. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Took it as confirmation that Kirkland has a branding problem deals wont harm.! Challenge of driving success while competition for top legal talent is fierce lawyers went overtime... 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