There was no vote; he was the consensus choice. Aaronson Rappaport Feinstein & Deutsch, LLP Is Pleased To Announce Patrick P. Mevs & Daniel W. Milstein Have Become Members Of The Firm. 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. You see what type of lawyer he is and you want to be that.. 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. Jon Ballis is chairman-elect of Kirkland & Ellis' global management executive committee and will become chairman in 2020. Because Jon was so driven and cared so much and was a tenacious competitor.. 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. Jon Ballis is chairman of the firm. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. +1 312-862-2332 jon.ballis@kirkland.com View profile. 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. 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. 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. Kirkland and Paul Weiss were both among the 10 busiest firms by deal value, representing clients on deals worth $202 billion and $197 billion, respectively. Missing Crain's in print? The firms hiring strategy acknowledges the bargaining power junior lawyers now hold. 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. 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. Details. Don't miss the crucial news and insights you need to make informed legal decisions. By September, the firms M&A engine pushed to a new level that continued through last year. Big Law firms rarely admit problems. (Podcast). To Hammes, it meant young, talented partners could feel stymied. Bloomberg Markets Americas. 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. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. We can destroy everybody else, and lets actually go destroy other people.. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. 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. Theyre a nightmare for the Wall Street firms.. 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. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. You can still enjoy your subscription until the end of your current billing period. Location. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. Jon Ballis, a Chicago-based corporate partner who has become one of Kirkland's best-known private equity lawyers, will take over as leader of the world's highest-grossing firm in 2020. Law Offices of Gary Martin Hays & Associates or (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. Kirklands reputation has been around so long, its hard to determine where it even began. The 60-story building is expected to open in 2023. 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. As a high school senior on Chicagos north side, Ballis captained the Highland Park High School basketball team to a 1-23 record. Hammes aggressive hiring remade the firms top management. 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. He has advised leading private-equity firms throughout his career, including Bain Capital, Madison Dearborn and Pritzker Private Capital. Kirkland & Ellis was named an LCLD Top Performer in 2013, 2015, 2016, 2017, 2018, and 2022. He promised them more control over their futures, and doubled or tripled their salaries. Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. E-mail oureditor 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. For cost savings, you can change your plan at any time online in the Settings & Account section. Its a major challenge for a firm that only expects its workload to grow. And thats how I know that this reputational thing is a problem.. If youre a private equity guy with a couple of big clients, Im sure everyone is very collegial at that level.. 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. 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. 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. 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. Contact Us| 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. 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. Ballis, who became chair in January, is a lateral hire himself, joining from Sidley Austin in 2005. Jon Ballis is Chairman of Kirklands Executive Committee. Litigation Support. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Part of the culture change has been required by the scale of Kirklands business. Jon Ballis is chairman-elect of Kirkland & Ellis global management executive committee and will become chairman in 2020. Some partners at the. Jon Ballis is on Facebook. 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. 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. As a high school senior, Ballis captained the Highland Park High School basketball team to a 1-23 record. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Terms of Service. Theres no sign Kirkland or other Big Law firms will be asking their lawyers to work less. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. USA: Regional Spotlight. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. He is a highly-experienced practitioner who is well versed in representing private equity firms in substantial transactions. For a full comparison of Standard and Premium Digital, click here. 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