And the misconception of who we are is not helpful to our institution.. 2023 Leadership Council on Legal Diversity. The American Lawyer has also named Kirkland to its A-List for 10 years running. We have encountered an error and are unable to send your message at this time. Kirkland is a very successful firm, said the source close to Kirkland. Expert Focus. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. He liked how private equity clients expected him to solve their problems, rather than just offer advice. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. 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. Articles. 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 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. That makes Ballis task all the more difficult. And if you dont want to work together, were not your kind of firm.. About Us| But many in Big Law have observed that the bonds that hold clients and lawyers to law firms arent the same as they used to be. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. VIDEO: Big Laws Big Paychecks: Partner Compensation, Explained. Spotlight Guides. The 60-story building is expected to open in 2023. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. Chairman, Kirkland & Ellis LLP. 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. Its very dependent upon who you are. Capital markets lawyers went into overtime helping companies raise debt to survive. organisation Collegiality and everything, talk is cheap, the former partner said. The original version of this story was published on International. 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. Position. Today, only two major law firms maintain a pure lockstep model. Facebook gives people the power to share and makes the world. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. 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. E-mail oureditor In making your comments, please do not refer to a pending legal matter. Were Goldman Sachs or McKinsey of the law firm world. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. 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. 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. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. 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. Copyright 2023 ALM Global, LLC. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Log in to access all of your BLAW products. 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. 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. Clients pay them as much as $2,000 an hour to never be wrong. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. Fellows ProgramFellows nominated:2022: Eric White; 2021: Shaun Mathew; 2020:Paul Tanaka; 2019: Luke Guerra; 2018: Erin Johnston; 2017: Joseph A. Loy; 2016: William Joseph Benitez; 2015: Atif Khawaja; 2014: Jeanne M. Heffernan; 2013:Barack S. Echols; 2012: Diana M. Torres;2011:Elizabeth L. Deeley, Pathfinder ProgramPathfinders selected:2022: Keli Huang,Danielle O'Neal;2021: Yimeng Dou, Eduardo Leal; 2020: East Berhane, Erika Lopez; 2019: Andrew Ohlert, Angel Torres; 2018: Beth Dalmut, Tushin Shah; 2017: Alexia Renee Brancato, Jonathan K. Tshiamala;2016: Tracie L. Bryant, Aparna Yenamandra; 2015: Vikas Didwania, Maggie Flores, 1L LCLD Scholars ProgramScholars hosted:2022:Victoria Rackley,Jasmeene Burton-Martin,Daniel Walker,Anthony Aguirre,Christopher Washington,Yasmeen Shrestha,Andrew Lin,Sonya Mattis,Hafzat Akanni,Kenneth Coleman,Cristian Pleters-Escobar;2021: Khash Goshtasbi, Jeffrey Cole, Lydia Seifeselassie, Jack Tubio, Jennifer Liu, Luv Karia, Nia Vogel, Daisy Almonte; 2020: Danielle Solaru, Eduardo Morera, Isabella Bergonzoli Jaramillo, Ashton Dubey, Naomi Duru, Matthew Guiang; 2019: Kiana Outen, Tamara Chin Loy, BreYanna Prince, Austin Fregene, Courtney Bibbs; 2018: Katelynn Adams, Princess Daisy Akita; 2017: Tina Chao, Eric Hwang,Malika Moore,Sahel Sra;2016: Claudia Diaz-Alemany, Suiwen Liang, Heather Lui, Yvette Sokei; 2014: Sarahi Constantine Padilla; 2013: Esther Lukman, Chautney McMillian, Success in Law School Mentoring ProgramMentors provided: 2021, 2020, 2019, 2017, 2016, 2015, 2014, 2013, 2012, AttendanceAnnual Meeting (2018, 2017, 2016, 2015), Communications: Ashley Post, Kate Slaasted. 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. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. 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. Ballis is unapologetic about the firm challenging its lawyers. And thats how I know that this reputational thing is a problem.. Were like college sports: The players pick us, he said. This peer designation is awarded only to a select number of accomplished attorneys in each state. Taiwan Will Give Tourists Perks Worth $165 Each to Boost Economy. Missing Crain's in print? Jon Ballis. analyse how our Sites are used. 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. 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. Law Offices of Gary Martin Hays & Associates You see what type of lawyer he is and you want to be that.. 130 E. Randolph St. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Some partners at the world's largest. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. Location. Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. 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. Don't miss the crucial news and insights you need to make informed legal decisions. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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." Try for free at rocketreach.co . Kirkland & Ellis new chairman Jon Ballis has wasted little time making his mark, poaching a rising star dealmaker away from one of Big Laws most untouchable firms this week, despite a global pandemic slowing the economy and scaring rivals away from making big-dollar hires. 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. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? Inquire today about how to unlock this profile and make it visible to the public. Part of the culture change has been required by the scale of Kirklands business. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! 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. 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. 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. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. 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. The firm largely halted hiring, anticipating a two-month to two-year slowdown. The Super Lawyers selection process takes into account peer . Jon Ballis is Chairman of Kirklands Executive Committee. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. 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. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. 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. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. Ballis was selected the firms chairman in 2018 by a group of senior partners. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. They took home more than $5m on average last year $2tn Private. 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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. cookies About; Map. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Contact Us| There was no vote; he was the consensus choice. 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. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. Hammes worked hard to break that culture, Kirkland partners said. +1 312-862-2332 jon.ballis@kirkland.com View profile. By visiting our website or transacting with us, you agree to this. All Rights Reserved. Why? Partners at the firm took home $6.3 million on average in 2019, more than any other U.S. firm, according to the latest AmLaw rankings. 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. 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. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. I hate the term book of business.. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. License our industry-leading legal content to extend your thought leadership and build your brand. Three months later, he learned shed joined a different 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. Clients pay them as much as $2,000 an hour to never be wrong. They were followed by Sean Rodgers from Simpson Thacher in 2013. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. 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. 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. 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. This is not in the playbook of how to run this law firm, he remembers thinking. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. Im not surprised at all he ended up being very successful, Gray said of Ballis. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Click here to get the full experience on your screen. . 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. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Its a demonstration of Jons commitment to continue the firms long-term investment in building out M&A, Kent Zimmermann of the Zeughauser Group said of Lees addition. Misconception of who we are is not helpful to our institution.. 2023 Leadership Council on legal Diversity %! Legal Diversity a lateral hire himself, joining from Sidley Austin in.... In 2018, according to a memo sent to all Kirkland employees Dec... Largely halted hiring, anticipating a two-month to two-year slowdown clients expected him to solve their problems rather! She said though, it declined to provide Diversity statistics of its reputation, is a problem not in playbook! 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