Chicago The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. The American Lawyer has also named Kirkland to its A-List for 10 years running. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 2023 Leadership Council on Legal Diversity. That conversation happens often. 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. We support credit card, debit card and PayPal payments. There is an arrogance that were the best. Clients pay them as much as $2,000 an hour to never be wrong. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Some partners at the. To view this content, please continue to their sites. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. +1 312 862 2332. They took home more than $5m on average last year $2tn Private. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. "[T]he Kirkland . The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Hammes aggressive hiring remade the firms top management. He now faces the challenge of driving success while competition for top legal talent is fierce. You see what type of lawyer he is and you want to be that.. (Bloomberg) 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. on LinkedIn, Share profile for Jon A. Ballis P.C. Sam Mays's great-grandparents, Lottie and John Ballis Kirklands gross revenue in 2019 surpassed $4.1 billion. Ballis, a member of the firm's 15-lawyer management committee, had been rumored to . And thats how I know that this reputational thing is a problem.. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. 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. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Were Goldman Sachs or McKinsey of the law firm world. There was no vote; he was the consensus choice. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. 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. Today, only two major law firms maintain a pure lockstep model. Jon has long been recognized as one of the leading private equity attorneys in the United States by major legal publications. That makes Ballis task all the more difficult. 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. I hate the term book of business.. That conversation happens often. Im not surprised at all he ended up being very successful, Gray said of Ballis. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. 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. 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. Capital markets lawyers went into overtime helping companies raise debt to survive. Kirkland and its peers have shifted the stakes in New York over the last decade and forced Wall Street firms with lockstep systems to fend off new and fierce competition from out of town. For cost savings, you can change your plan at any time online in the Settings & Account section. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. I will tell you with full candor, I see tremendous opportunity and upside.. 2. Chicago, Illinois, United States. Jon A Ballis Kirkland & Ellis19 Years Ranked. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Its a major challenge for a firm that only expects its workload to grow. 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. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. Its a major challenge for a firm that only expects its workload to grow. Location. 151 Best Lawyers: Ones to Watch in America awards. Chairman @ Kirkland & Ellis . Check if your You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. He now faces the challenge of driving success while competition for top legal talent is fierce. 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.. 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. 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. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. Click here to get the full experience on your screen. 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. 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. This peer designation is awarded only to a select number of accomplished attorneys in each state. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. But Kirkland was No. We have encountered an error and are unable to process your comment at this time. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. 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Jon A Ballis is Partner at Kirkland & Ellis LLP. Its very dependent upon who you are. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Since that hire, Kirkland has often focused on filling its roster with 30-and 40-something lawyers who are eager to build their own practice rather than wait in line under a lockstep regime. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. He served as chair-elect for a year. (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. Learn more about a Bloomberg Law subscription. Jon Ballis is on Facebook. And thats how I know that this reputational thing is a problem.. This is not in the playbook of how to run this law firm, he remembers thinking. 2010 - 2023 Best Lawyers All Rights Reserved. Our Team Account subscription service is for legal teams of four or more attorneys. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. 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. Missing Crain's in print? Big Law firms rarely admit problems. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. 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, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. Jon Ballis. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. 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. Jons passion and commitment to excellence carries into his philanthropic activities and board positions. He promised them more control over their futures, and doubled or tripled their salaries. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Terms of Service. Kirkland revenue in 2018, up nearly 20% on 2017. Please refresh the page and try again later. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Big Law firms are facing a retention crisis and Kirkland is no exception. With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. To Hammes, it meant young, talented partners could feel stymied. You may change or cancel your subscription or trial at any time online. Work. Harvard Law School, J.D., cum laude, 1994; Lehigh University, B.A., with High Honors, 1991. Kirkland is a very successful firm, said the source close to Kirkland. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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 demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. Morning Docket Morning Docket: 12.12.18 . Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. Because Jon was so driven and cared so much and was a tenacious competitor.. personalising content and ads, providing social media features and to Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. Law Tech. 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. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. The firm largely halted hiring, anticipating a two-month to two-year slowdown. In making your comments, please do not refer to a pending legal matter. 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. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Suite 3200 Kirklands reputation has been around so long, its hard to determine where it even began. 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. Associate with 2-3 years of experience to join its Trial practice Group in Houston today and anticipate for. Comments, please do not refer to a memo sent to all Kirkland Dec.... A. 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