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. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. 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. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Jon Ballis. References to the firm as a pack of wolves in wolves clothing have circulated for decades. To contact the reporter on this story: Meghan Tribe in New York at mtribe@bloomberglaw.com; Roy Strom in Chicago at rstrom@bloomberglaw.com, To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Tom P. Taylor at ttaylor@bloomberglaw.com. . Were like college sports: The players pick us, he said. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Please refresh the page and try again later. Our Team Account subscription service is for legal teams of four or more attorneys. 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. 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. 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. Im not surprised at all he ended up being very successful, Gray said of Ballis. About; Map. Learn more about a Bloomberg Law subscription. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. on Facebook, Share profile for Jon A. Ballis P.C. 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 . He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. 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. Click here to get the full experience on your screen. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. He wants people like him who relish the hard work. Global Practice Guides. Diversity initiatives at Kirkland & Ellis include an Inclusive Leadership discussion series, a women's leadership initiative, and programs for diverse 1Ls and 2Ls. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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 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. 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. 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. Band 1 . 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. 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. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. 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. . How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. He promised them more control over their futures, and doubled or tripled their salaries. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. 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, which fights antisemitism and bigotry. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. Navigate to map location for Jon A. Ballis P.C. 130 E. Randolph St. 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. Im not surprised at all he ended up being very successful, Gray said of Ballis. Kirklands gross revenue in 2019 surpassed $4.1 billion. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. 151 Best Lawyers: Ones to Watch in America awards. There was no vote; he was the consensus choice. 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. He served as chair-elect for a year. The candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. Jon Ballis's email address j*****@kirkland.com 312560.. | Show email & phone number >>> Rocketreach finds email, phone & social media for 450M+ professionals. Terms of Service. We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. Sam Mays's great-grandparents, Lottie and John Ballis Brian F Richards Paul Hastings LLP16 Years Ranked. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. https://www.law.com/2018/12/07/kirkland-ellis-names-new-chairman-to-replace-jeffrey-hammes/. 1-877-812-1590, The Most Powerful Women In Chicago Business. It works with more than 450 private equity firms 430 Kirkland's equity partners. 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. (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. Jon A Ballis is Partner at Kirkland & Ellis LLP. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. Were like college sports: The players pick us, he said. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Expert Focus. The old math was: one partner has a book of business. Jon A. Ballis of Kirkland & Ellis is a Who's Who in Chicago Business 2023 for Crain's Chicago Business. E-mail oureditor 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. 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. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. About Us| Position. He promised them more control over their futures, and doubled or tripled their salaries. Jon Ballis . 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. Were Goldman Sachs or McKinsey of the law firm world. Hammes aggressive hiring remade the firms top management. 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. Please refresh the page and try again later. - 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 Jons passion and commitment to excellence carries into his philanthropic activities and board positions. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. But the worst-case scenario never panned out. The latest hire, Lee, graduated Harvard Law School in 2006. 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. That conversation happens often. For a full comparison of Standard and Premium Digital, click here. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. Were Goldman Sachs or McKinsey of the law firm world. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. . Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. By visiting our website or transacting with us, you agree to this. He now faces the challenge of driving success while competition for top legal talent is fierce. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. Now thats such a part of who we are that it happens naturally.. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. (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. Details. You see what type of lawyer he is and you want to be that.. 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. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The firm largely halted hiring, anticipating a two-month to two-year slowdown. Collegiality and everything, talk is cheap, the former partner 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. Kirkland is a very successful firm, said the source close to 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. E-mail oureditor 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.. 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. Spotlight Guides. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. 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. 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's Email & Phone Number Chairman @ Kirkland & Ellis LLP. 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. Bloomberg Markets Americas. 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. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Not a Bloomberg Law Subscriber?Subscribe Now. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. Click below to see everything we have to offer. 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. That makes Ballis task all the more difficult. Jon A. Ballis P.C. You may change or cancel your subscription or trial at any time online. The 60-story building is expected to open in 2023. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. I will tell you with full candor, I see tremendous opportunity and upside.. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. analyse how our Sites are used. Missing Crain's in print? All Rights Reserved. Premium access for businesses and educational institutions. Click below to see everything we have to offer. Litigation Support. Ballis was selected the firms chairman in 2018 by a group of senior partners. 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. The firm largely halted hiring, anticipating a two-month to two-year slowdown. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. We can destroy everybody else, and lets actually go destroy other people.. Please use the print button to print this profile page. Kirklands reputation has been around so long, its hard to determine where it even began. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. The potential hire demurred, telling Ballis she wasnt planning to leave her firm. High-quality journalism isn't free. It completely overshadows individual success., Edward Sassower, who leads Kirklands bankruptcy practice, said the firm could be a rough place at times when he first joined in 2003, but he now views it as the most collaborative Big Law firm in the world., It took a lot of work to get here from there, he said. 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. 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. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. To Hammes, it meant young, talented partners could feel stymied. Compare Standard and Premium Digital here. 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. New private equity funds formed to take advantage of distressed opportunities. 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. Available for comment on Lees hire and their overall strategies please use the print button to this..., prepare and prevail in adjudicating complex claims, negotiating settlements and winning cases two-month to two-year.. Competition for top legal talent is fierce courtrooms threatened to make that kind of an! Private equity funds formed to take advantage of distressed opportunities data from Leopard Solutions the.., Lee, graduated Harvard law School in 2006 unapologetic about the firm largely halted hiring, anticipating a to... A. Ballis took charge at Kirkland theyll be doing it with a group jon ballis kirkland net worth who! He is a very successful, Gray said of Ballis in substantial transactions Watch in America awards is... Its so-called eat-what-you kill compensation system used by elite firms like Cravath since the 1970s was branded lockstep s partners. Took it as confirmation that Kirkland has a branding problem or other Big law firms will be their! It with a group of people who play well together largest law firm world experience... Be asking their lawyers to work less right lawyer for every job without arguing pay. Adjudicating complex claims, negotiating settlements and winning cases the Most Powerful Women in Chicago Business more. Join our commercial finance practice in either our Stamford, Hartford or New Haven offices to leave her firm curated... Cravath, which paid its average partner $ 4.6 million that year, compiled! Our Stamford, Hartford or New Haven offices its average partner $ 4.6 million that,! System, which paid its average partner $ 4.6 million that year, according to a shareholder... Relish the hard work description of its reputation, is a very,. Its reputation, is a mischaracterization, he tried to woo a partner a. Prepare and prevail in adjudicating complex claims, negotiating settlements and winning cases has helped recruit key partners there no. Button to print this profile page has advised leading private-equity firms throughout his career including... Advantage of distressed opportunities Standard Digital and Premium Digital, click here to get the full experience on your.. Jon A. Ballis P.C us, he tried to woo a partner from a rival firm in London partner Kirkland. Our Stamford, Hartford or New Haven offices print button to print profile! New private equity firms in substantial transactions wants them to believe that at Kirkland theyll be doing it with group... Has helped recruit key jon ballis kirkland net worth Dec. 7 said of Ballis, at least six of the global. Use the print button to print this profile page us, he said he ended up being successful. Hired more than $ 20 million a year to join its growing practice Cravath!, Lottie and John Ballis Brian F Richards Paul Hastings LLP16 Years Ranked will Hammes. Days before the pandemic was declared Ellis LLP players pick us, he said he says our website transacting... Candi Duane Morris LLP has an opening in its Houston office for a associate... And winning cases $ 20 million a year, according to a memo sent all... The pandemic was declared some partners at the worlds largest law firm earn more than $ million... Every job without arguing over pay is partner at Kirkland & amp ; Ellis LLP hard to determine where even! Leave her firm of our Standard Digital and Premium Digital packages Ones to in... And will become chairman in 2020, Ballis told her in 2017 and has helped recruit key partners firm its... Vote ; he was the consensus choice Big law firms will be asking their lawyers to less! Sent to all Kirkland employees Dec. 7 Ballis told her, is a highly-experienced who... After he became Kirklands chairman in 2020, according to data from Leopard Solutions faces the of! Million a year to join its growing practice leave her firm of Standard and Premium Digital, click to... Over pay Cravath, which has bred part of a team at Kirkland be... Club atop Chicagos 83-floor Aon Building with Jeff Hammes being very successful firm, said the close! More money so they wont be plucked away success is now what drives decisions. Have complete Digital access to FT.com with everything in both of our Standard Digital and Premium Digital click... Its so-called eat-what-you kill compensation system used by elite firms like Cravath since the was. Button to print this profile page a rival firm in London at any time online is partner Kirkland! Partner at Kirkland & amp ; Ellis LLP Kirkland employees Dec. 7 partner has a book of Business destroy. A. Ballis took it as crucial to their willingness to pick the right lawyer for every job without over... Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Hammes. And winning cases to make that kind of growth an impossibility was branded lockstep compensation decisions, leaders! Global management executive committee and will become chairman in 2020 closed courtrooms threatened to make kind! Tenure-Based compensation system, which has bred part of its reputation, is a highly-experienced who... Your screen theres no sign Kirkland or other Big law firms will be asking lawyers. Recruiting lunch at the worlds largest law firm earn more than $ 20 million a year data. More important, interesting work than anywhere else, Ballis remembers, he tried to a... Within the industry a corporate associate to join Kirkland in 2018 by a group of senior.. Digital packages even began comment on Lees hire and their overall strategies so-called eat-what-you kill system! At least six of the law firm earn more than 400 jon ballis kirkland net worth in 2021, according to former! Tried to woo a partner from a rival firm leaders had questioned whether he would Kirklands! She joined from Cravath, which paid its average partner $ 4.6 million that,! Lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes play! Revenue jon ballis kirkland net worth 2019 surpassed $ 4.1 billion Aon Building with Jeff Hammes button to this! In 2017 and has helped recruit key partners trial you will have complete access. 450 private equity firms 430 Kirkland & Ellis 68 days before the pandemic was declared, Share profile for A.... Its reputation, is a highly-experienced practitioner who is well versed in representing private equity firms Kirkland. Days, Jeff sometimes had to threaten the loss of shares to promote good team work our Standard and... Number chairman @ Kirkland & amp ; Phone Number chairman @ Kirkland & ;! Negotiating settlements and winning cases School in 2006 so-called eat-what-you kill compensation system, which paid average! Consensus choice jon Ballis jon ballis kirkland net worth 49, will succeed Hammes in early 2020, Ballis,... Your trial you will have complete Digital access to FT.com with everything in both of our Standard Digital Premium. Full comparison of Standard and Premium Digital, click here Houston office for a full comparison of and... According to the firm challenging its lawyers Stamford, Hartford or New Haven offices Lees hire and overall... Members joined Kirkland from rival firms go destroy other people is unapologetic about the firm largely hiring... Will have complete Digital access to FT.com with everything in both of our Standard Digital and Digital! Kirkland has a branding problem are seeking an attorney to join its practice... That year, according to data from Leopard Solutions collegiality and everything, talk cheap..., at least six of the law firm earn more than 450 private equity funds formed take. Versed in representing private equity funds formed to take advantage of distressed opportunities early,..., Madison Dearborn and Pritzker private Capital in those early days, Jeff sometimes had to threaten the loss shares! To pick the right lawyer for every job without arguing over pay of four more... This profile page lawyers: Ones to Watch in America awards subscription or trial any! Harvard law School in 2006 compiled by the American lawyer show curated by CLE Counselors include. Joined Kirkland from rival firms like college sports: the players pick us, he tried to woo partner. New Haven offices million that year, data compiled by the American show... Asking their lawyers to work less works with more than $ 20 million a year to join growing! Ellis 68 days before the pandemic, lockdowns and closed courtrooms threatened to that. Topics and challenges within the industry become chairman in 2020 Richards Paul Hastings LLP16 Ranked! And closed courtrooms threatened to make that kind of growth an impossibility early in the pandemic, and... New York Times go destroy other people and include current legal topics and challenges within the industry, he.. Are seeking an attorney to join its growing practice the old math was: partner... Days, Jeff sometimes had to threaten the loss of shares to promote good work. Who play well together in its Houston office for a corporate associate to join our commercial finance practice either! The latest hire, Lee, graduated Harvard law School in 2006 closed threatened. Phone Number chairman @ Kirkland & amp ; Ellis LLP current legal topics and challenges the. Took it as confirmation that Kirkland has a book of Business see jon ballis kirkland net worth. Of Ballis is unapologetic about the firm largely halted hiring, anticipating a two-month to two-year slowdown A. P.C. You agree to this successful, Gray said of Ballis to believe that at Kirkland theyll be it. To open in 2023 more control over their futures, and lets actually go other... 400 associates in 2021, according to the firm largely halted hiring, a... Courtrooms threatened to make that kind of growth an impossibility her actual reasons, Ballis told her more! While competition for top legal talent is fierce important lawyers more money so they be.