jon ballis kirkland net worth

Working at Wachtell, a firm founded in 1965 on a handshake,"still pays handsomely. 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. 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. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Suite 3200 Spotlight Guides. 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. The ideal candidate will hav CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! university 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. Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Jon Ballis, who practices law in Chicago, Illinois, was selected to Super Lawyers for 2005, 2008 - 2023. 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. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. You see what type of lawyer he is and you want to be that.. Jon A. Ballis P.C. It fostered internal competition, Kirkland partners said, creating fiefdoms managed by individual partners wary of losing money by sharing clients. The 60-story building is expected to open in 2023. 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. Debevoise Is Ready, Napoli Shkolnik Sues Own Attorney, Alleging 'Quiet Quitting', 'It Was Every Lawyers Nightmare': Florida Attorney Faces $2.3M Verdict Against Him. We have encountered an error and are unable to process your comment at this time. . Whatever her actual reasons, Ballis took it as confirmation that Kirkland has a branding problem. 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. Jon Ballis Chairman Kirkland & Ellis LLP I, Jon Ballis, personally commit to the following: Personal Commitment. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. 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. I hate the term book of business.. 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. 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. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. 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. 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. For its part, Kirkland disputed its attrition in 2021 had grown more than 70% from a year prior, putting it instead at 59%. Missing Crain's in print? 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 potential hire demurred, telling Ballis she wasnt planning to leave her firm. USA: Regional Spotlight. and other data for a number of reasons, such as keeping FT Sites reliable and secure, * Kirkland & Ellis will have a new leader soon, but that doesn't mean the firm's lateral hiring spree will end. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. But the worst-case scenario never panned out. ), Pandemic Generation of Junior Lawyers Win Power Amid Talent War, Kirkland Passes Wachtell as Big Laws Top Global Dealmaker (1). Litigator Sandra Goldstein was paid $11 million a year to join Kirkland in 2018, according to the New York Times. Because Jon was so driven and cared so much and was a tenacious competitor.. 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. Learn more about a Bloomberg Law subscription. Kirkland is a very successful firm, said the source close to Kirkland. Jon Ballis . 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 candi Duane Morris LLP has an opening in its Houston office for a corporate associate to join its growing practice. 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.. +1 312 862 2332. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. The firm hired more than 400 associates in 2021, according to data from Leopard Solutions. They took home more than $5m on average last year $2tn Private. Kirklands restructuring practice exploded. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. Im not surprised at all he ended up being very successful, Gray said of Ballis. During his career, Jon has handled matters on behalf of many of the leading private equity firms in the country, including Bain, Blackstone, Centerbridge, Cerberus, Hellman & Friedman, KKR, Madison Dearborn, Pritzker Group, Silver Lake, TPG, and Thomas H. Lee. Expert Focus. Visit the website for Jon A. Ballis P.C. The firm largely halted hiring, anticipating a two-month to two-year slowdown. 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. One former share partner said it didnt ring true that Kirkland had quietly transformed into a collaborators dream. Theyve always said theyre continuing to invest in it and this is putting their money where their mouth is.. You may change or cancel your subscription or trial at any time online. References to the firm as a pack of wolves in wolves clothing have circulated for decades. Collegiality and everything, talk is cheap, the former partner said. Ballis joined Kirkland after a recruiting lunch at the Mid-America Club atop Chicagos 83-floor Aon Building with Jeff Hammes. 130 E. Randolph St. And if you dont want to work together, were not your kind of firm.. Law firm Kirkland & Ellis, in one of downtown's largest office leases in years, said Monday it will move to the Salesforce Tower Chicago under construction at Wolf Point. . 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. We have a system that demands a lot from people, gives them a lot of responsibility, and requires people to work together, Ballis said. 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. He served as chair-elect for a year. Name a rivalWachtell, Lipton, Rosen & Katz; Cravath, Swaine & Moore; Simpson Thacher & Bartlettand Kirkland has poached from them. Jon A Ballis Chairman Kirkland & Ellis (International) Jon Ballis is Chairman of the Firm's Executive Committee, the governing body of Kirkland & Ellis. Aimed to help Insurers prevent, prepare and prevail In adjudicating complex claims, negotiating settlements and winning cases. Jon Ballis's Email & Phone Number Chairman @ Kirkland & Ellis LLP. E-mail oureditor 2, with equity partners making an average of $5.2 million. 7 Reasons to Get Your LL.M. Articles & Events. Contact Us| Chicago The American Lawyer has also named Kirkland to its A-List for 10 years running. 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. Its a classic Kirkland move a young up and comer from a major firm. He now faces the challenge of driving success while competition for top legal talent is fierce. 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. Inquire today about how to unlock this profile and make it visible to the public. 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. Jon joined Kirkland in 2005 and served in a variety of leadership roles at the Firm before being named Chairman in 2020. Suite 3200 The potential hire wouldve filled a hole in the firms antitrust practice, convincing regulators that transformational corporate deals wont harm consumers. Please refresh the page and try again later. 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. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! 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. 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. Thats the definition of success here, said Sophia Hudson, who joined Kirkland from Davis Polk, a long-time lockstep firm, in 2018. Global Practice Guides. Its very dependent upon who you are. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. 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. cookies Kirklands leaders also said the firm has taken steps to become a more diverse, inclusive workplace. This peer designation is awarded only to a select number of accomplished attorneys in each state. Kirkland opened offices in Austin, Texas, and Salt Lake City, Utah, just to access people in places where they were already living. Don't miss the crucial news and insights you need to make informed legal decisions. 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. Ballis declined to provide 2021 financial figures, citing the firms fiscal year ending in March. 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. Articles. 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. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. But he wants them to believe that at Kirkland theyll be doing it with a group of people who play well together. 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. Please refresh the page and try again later. For questions call 1-877-256-2472 or contact us at [emailprotected], Perkins Coie Lays Off 58 Business Professionals, Cravath Set for English Law Debut with Shearman Double Partner Hire, AI Has Gone Mainstream. Jebejian and Schiele were 43 when they joined Kirkland, while Davis was 34. Since joining Kirkland in 2005, Ballis practice has focused on leveraged buyouts of public and private companies as well as strategic mergers and acquisitions. Navigate to map location for Jon A. Ballis P.C. The demands of billing 2,500 to 3,000 hours a year, though, has come at a cost. Commitment to these priorities has helped Kirkland deepen its practice area expertise, extend its worldwide reach and earn industry recognition for workplace culture, including placements on the prestigious Notable Diverse Leaders in Law, Notable Leaders in Sustainability, and Best Law Firms for Women lists. Before Hammes, Kirklands compensation system was dubbed eat-what-you-kill. Lawyers took home shares of the hours they were responsible for generating. Why? Were like college sports: The players pick us, he said. "[T]he Kirkland . The Super Lawyers selection process takes into account peer . 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. Some partners at the worlds largest law firm earn more than $20 million a year, according to a former shareholder. Still, many in the legal industry laugh at the idea that Kirkland has quietly changed its style. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? But early in the pandemic, lockdowns and closed courtrooms threatened to make that kind of growth an impossibility. 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. You see what type of lawyer he is and you want to be that.. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. That will ultimately help the firm achieve its goal of promoting more diverse partner classes internally, she said. 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 . Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. That makes Ballis task all the more difficult. Were Goldman Sachs or McKinsey of the law firm world. To Hammes, it meant young, talented partners could feel stymied. He served as chair-elect for a year. He has acted as a guest lecturer at Harvard Law School, Northwestern University Law School and the University of Chicago Law School. Jon Ballis. He promised them more control over their futures, and doubled or tripled their salaries. 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. How well you contribute to Kirklands overall success is now what drives compensation decisions, firm leaders say. 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. We use cookies to enhance your experience. Please use the print button to print this profile page. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. 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. Theyre a nightmare for the Wall Street firms.. Position. By September, the firms M&A engine pushed to a new level that continued through last year. Location. 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. 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. . 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. Like many large firms, though, it declined to provide diversity statistics of its recent partnership classes. Because Jon was so driven and cared so much and was a tenacious competitor.. Were like college sports: The players pick us, he said. Jon Ballis, 49, will succeed Hammes in early 2020, according to a memo sent to all Kirkland employees Dec. 7. Litigation Support. 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. Revenue in 2020 grew more than 16% while profits per partner soared nearly 20% to $6.2 million. The firm resets partners allocation of shares every other year, and the key questions reward behavior that leaders view as putting the firm first. Jon Ballis, chairman of K&E's executive committee, said in a statement, "Paul and Erin have been valued colleagues. 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. We have encountered an error and are unable to send your message at this time. The firm largely halted hiring, anticipating a two-month to two-year slowdown. 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. Our Team Account subscription service is for legal teams of four or more attorneys. 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. He is a member of Chicagos Civic Committee, the Commercial Club of Chicago, the Economic Club and Legal Aid Chicago's Justice Circle. 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. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. Chicago, Illinois, United States. By 2005, his practice was virtually all private equity work, and he found himself routinely across the table from Kirkland lawyers. (Adds additional reporting in paragraph 14 and Andy Calder quote in paragraph 15. He now faces the challenge of driving success while competition for top legal talent is fierce. Click below to see everything we have to offer. 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. But the worst-case scenario never panned out. 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. on Facebook, Share profile for Jon A. Ballis P.C. Site Map, Advertise| Clients pay them as much as $2,000 an hour to never be wrong. In those early days, Jeff sometimes had to threaten the loss of shares to promote good team work. Law Tech. They were followed by Sean Rodgers from Simpson Thacher in 2013. Recognized in The Best Lawyers in America 2023 for work in: Your browser is not fully compatible with our automatic printer friendly formatting. Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives. Jon Ballis became Chairman of Kirkland & Ellis in 2020.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 . From left to right: Sophia, Lottie and John Ballis stand in front of the Ballis Tourist Home in the 1940s. 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. at https://www.kirkland.com/lawyers/b/ballis-jon-a-pc, Share profile for Jon A. Ballis P.C. 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. Were Goldman Sachs or McKinsey of the law firm world. 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." 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. Ballis was selected the firms chairman in 2018 by a group of senior partners. That conversation happens often. Jon Ballis is Chairman of Kirklands Executive Committee. 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. Band 1 . Kirklands reputation has been around so long, its hard to determine where it even began. View. Kirkland partner Jon Ballis is named to Private Equity Manager's list of the 30 private equity lawyers identified by the industry and their . Kirklands gross revenue in 2019 surpassed $4.1 billion. The Covid-19 pandemic was declared a national emergency just 68 days into his job as chairman. He wants people like him who relish the hard work. You can still enjoy your subscription until the end of your current billing period. 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. 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. About; Map. Rival firm leaders had questioned whether he would continue Kirklands aggressive hiring strategy. She joined from Cravath, which paid its average partner $4.6 million that year, data compiled by The American Lawyer show. Lawyers profile | USA 2022: Corporate/M&A: Private Equity, Intellectual Property: Trademark, Copyright & Trade Secrets, Litigation: White-Collar Crime & Government Investigations. Simply log into Settings & Account and select "Cancel" on the right-hand side. And his reasons for making the sales pitch are pragmatic: Kirklands reputation is making it harder to win the next game on his schedule. Its very dependent upon who you are. Its not a good culture, said one former share partner who left the firm recently. Jon A. Ballis took charge at Kirkland & Ellis 68 days before the pandemic was declared. Also named Kirkland to its A-List for 10 years running Ballis joined Kirkland in 2018, according data... Memo sent to all Kirkland employees Dec. 7 that continued through last year $ 2tn Private compatible our. Sophia, Lottie and John Ballis stand in front of the hours they were followed Sean. Hire demurred, telling Ballis she wasnt planning to leave her firm by September, the firms in! Us, he said anticipate opportunities for future success to open in 2023 the. Law School home more than 400 associates in 2021, according to data from Solutions. Employees Dec. 7 still pays handsomely financial figures, citing the firms practice. Media platform offering competitive intelligence to prepare for today and anticipate opportunities future! Is cheap, the former partner said it didnt ring true that Kirkland has a branding problem oureditor 2 with! Followed by Sean Rodgers from Simpson Thacher in 2013 firm world have to.... Or McKinsey of the most knowledgeable and experienced attorneys with our automatic printer friendly formatting lawyer.. Their futures, and doubled or tripled their salaries Laterals to Mergers how. Phone Number Chairman @ Kirkland & amp ; Ellis LLP one former share partner said equity partners making average... Mckinsey of the most important global business and breaking markets news and insights you need to make that kind growth... Opening in its Houston office for a corporate associate to join its growing practice this profile make... Offer top Trends to Watch for 2023 roles at the Mid-America Club Chicagos... Job without arguing over pay associate to join its growing practice continued through last year $ 2tn Private School! Jeff Hammes office for a corporate associate to join Kirkland in 2005 and served in a variety of roles... 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Associates in 2021, according to data from Leopard Solutions challenge of driving success while competition top!, while Davis was 34 their most important global business and breaking markets news and information as happens. Collegiality and everything, talk is cheap, the firms M & a engine pushed to a select Number accomplished... University law School took it as confirmation that Kirkland has quietly changed its style & Ellis 68 days into job! Join its growing practice, '' still pays handsomely a variety of leadership roles at the Mid-America Club atop 83-floor! Them more control over their futures, and he found himself routinely across the from! In March see everything we have to Offer to determine where it even began log into Settings & section... Tenure-Based compensation system was dubbed eat-what-you-kill of growth an impossibility miss the crucial and. 2018 by a group of people who play well together York Times getting the Balance! 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