Big Law firms are facing a retention crisis and Kirkland is no exception. 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. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. 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. 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. There is an arrogance that were the best. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. That conversation happens often. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. That conversation happens often. (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 old math was: one partner has a book of business. Missing Crain's in print? Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. 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. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Were like college sports: The players pick us, he said. Jon Ballisbecame Chairman of Kirkland & Ellis in 2020. Log in to access all of your BLAW products. Ballis is unapologetic about the firm challenging its lawyers. Kirkland has discovered they can hire very good, younger lawyers from other firms who work out as very good lawyers on Kirkland matters. That makes Ballis task all the more difficult. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. 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. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Clients are incentivized to spread their work around, Jungers said, so if partners think they can take work with them and firms like Kirkland are willing to pay them millions more, theres a real question of whether culture will keep them from moving. 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. By September, the firms M&A engine pushed to a new level that continued through last year. Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. New private equity funds formed to take advantage of distressed opportunities. 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. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. To view this content, please continue to their sites. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. +1 312 862 2332. 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. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. The firms roster of investment funds went from 100 clients in 2016 to more than 700 in 2021, said John ONeil, who heads Kirklands investment funds practice. 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. The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. Are Kirkland & Ellis New Partners Ready for Squid Game 2.0? Suite 3200 I will tell you with full candor, I see tremendous opportunity and upside.. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Chicago, IL 60601 Premium access for businesses and educational institutions. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. 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. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Soon after he became Kirklands chairman in 2020, Ballis remembers, he tried to woo a partner from a rival firm in London. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. 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. 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. +1 312-862-2332 jon.ballis@kirkland.com View profile. Band 1 . The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. The 60-story building is expected to open in 2023. analyse how our Sites are used. Melissa Hutson, a member of Kirklands executive committee, said Kirkland has hired a dozen senior women and diverse partners recently. Rivals bemoan the Kirklandization of law, painting the firm and the lawyers it hires as mercenaries. Not a Bloomberg Law Subscriber?Subscribe Now. Jon A Ballis Kirkland & Ellis19 Years Ranked. Capital markets lawyers went into overtime helping companies raise debt to survive. Join Law.com now! The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. 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. Jon Ballis. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. 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. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications, Brought to you by Temple University Beasley School of Law. Kirklands restructuring practice exploded. 2023 Leadership Council on Legal Diversity. Since joining Kirkland in 2005, Ballis' practice has focused on. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Hammes worked hard to break that culture, Kirkland partners said. Navigate to map location for Jon A. Ballis P.C. He liked how private equity clients expected him to solve their problems, rather than just offer advice. Chairman, Kirkland & Ellis LLP. The American Lawyer has also named Kirkland to its A-List for 10 years running. 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. 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. Some partners at the. Its a major challenge for a firm that only expects its workload to grow. Three months later, he learned shed joined a different firm. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Its an important job for law firms these days, and especially for the firm that last year handled more M&A deals than anybody. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Brian F Richards Paul Hastings LLP16 Years Ranked. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Join Facebook to connect with Jon Ballis and others you may know. - 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 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. 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. Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. 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. He wants people like him who relish the hard work. High Net Worth. * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. Our Team Account subscription service is for legal teams of four or more attorneys. This is not in the playbook of how to run this law firm, he remembers thinking. Its not irrational to think, Oh my goodness how are we going to do better than this? Ballis said. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. Its very dependent upon who you are. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! and other data for a number of reasons, such as keeping FT Sites reliable and secure, Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. High-quality journalism isn't free. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. Learn more about a Bloomberg Law subscription. 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. Learn more about a Bloomberg Law subscription. 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 . 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. Please refresh the page and try again later. It works with more than 450 private equity firms 430 Kirkland's equity partners. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Clients pay them as much as $2,000 an hour to never be wrong. 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. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. Jon Ballis is Chairman of Kirklands Executive Committee. 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. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Its not a good culture, said one former share partner who left the firm recently. 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 . Were like college sports: The players pick us, he said. Hammes has been chairman of the firm's 15-member Global Management Executive Committee since 2010. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. When he departed from the role, at least six of the firms global management committee members joined Kirkland from rival firms. Chairman @ Kirkland & Ellis . 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. Theyre a nightmare for the Wall Street firms.. E-mail oureditor 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. 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 promised them more control over their futures, and doubled or tripled their salaries. Law Tech. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 . Chicago, IL 60601 Today, only two major law firms maintain a pure lockstep model. Private Equity Manager named him one of the top 10 private equity lawyers in the country and The Legal 500 U.S. selected Jon as one of only 10 private equity lawyers for its elite Leading Lawyers list. Kirklands reputation has been around so long, its hard to determine where it even began. Part of the culture change has been required by the scale of Kirklands business. 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. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Litigation Support. Hammes aggressive hiring remade the firms top management. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. He now faces the challenge of driving success while competition for top legal talent is fierce. 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. He led the opening of Kirklands Boston office in 2017 and has helped recruit key partners. organisation Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. Neither Kirkland nor Wachtell were immediately available for comment on Lees hire and their overall strategies. Don't miss the crucial news and insights you need to make informed legal decisions. (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. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. He promised them more control over their futures, and doubled or tripled their salaries. The Super Lawyers selection process takes into account peer . Were Goldman Sachs or McKinsey of the law firm world. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. The rest have been forced to pay their most important lawyers more money so they wont be plucked away. 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. Jon Ballis is Chairman of Kirkland's Executive Committee. License our industry-leading legal content to extend your thought leadership and build your brand. 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. He served as chair-elect for a year. 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. The description of its so-called eat-what-you kill compensation system, which has bred part of its reputation, is a mischaracterization, he says. From 2009 to 2019, the firms revenue increased 11.5% per year on average while its profits per equity partner rose 7.6%, the American Lawyer reported. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? 2. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. 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. 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. 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. Shed be part of a team at Kirkland doing more important, interesting work than anywhere else, Ballis told her. 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. 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. We have encountered an error and are unable to process your comment at this time. 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. That is valuable for them, said a source close to Kirkland who declined to be named to preserve relationships within the firm. To Hammes, it meant young, talented partners could feel stymied. 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. Capital markets lawyers went into overtime helping companies raise debt to survive. Missing Crain's in print? Big Law firms rarely admit problems. He liked how private equity clients expected him to solve their problems, rather than just offer advice. 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. 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. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Kirkland did not disclose how much space it is leasing, but industry sources believe it is about 600,000 square feet. 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