Fried Frank

The firm has been long-established in the City, setting up shop back in 1970 when it became one of the first US firms to set up shop in Europe. Like many of its compatriots, training at Fried Frank is a “very hands on experience,” according to LC insiders. Rookies acknowledge that “this type of practical training wouldn’t work for everyone” but “if you are comfortable taking on responsibility early you won’t be short of opportunities”.

Naturally, trainees report being “exposed to a variety of work, a variety of clients” and being given “an incredible amount of responsibility early on”. There is some formal training, with recruits in asset management having weekly training sessions alongside NQs and associates in their department but ultimately, in the words of this trainee, “Fried Frank is the perfect place for people that learn best by doing”.

And you’ll have a lot of “doing” from the get-go at FF, with rookies reportedly working on multiple deals at once in the early stages of their TC with “high responsibility and client contact from day one”. There are still some “basic tasks” at the beginning of each seat but trainees report that the work ramps up quickly, both in quality and complexity, and there is “a lot of opportunity to do high level work” from the beginning stages of the training contract.

It should be no surprise to learn that the deals done in London are funds heavy and the past year was no exception. Those in the City have been busy advising on major sponsor-side mandates, including work on the inaugural fundraise of KKR Capital Partners and a $1.1 billion managed fund secondary transaction for CVC Secondary Partners, but this year has also seen the London team flex their culinary exper-cheese (sorry!), advising on the restructuring and pre-pack administration of Pizza Hut as well as the acquisition of Sorrento Sapori e Tradizioni – a pizza snack company based in Italy.

Luckily, the higher-ups at FF are always happy to let trainees get a slice of the action (last one, we promise) with the firm’s dedicated supervisors said to be “always happy to help when you get stuck”. As one rookie tells us, “My supervising partner actively goes out of his way to make sure I appreciate the rationale behind every task and how it relates to the overall transaction”. Smaller practice area groups means that rookies report working directly with partners on a lot of deals but rest assured, our spies tell us that the partners are “mostly approachable” and there is apparently a clear absence of hierarchy within the firm. “Almost everyone is very supportive,” says one insider. “There are never any issues to find cover for holidays. People are genuinely excited about their work and everyone is generally keen to be working here.” This does inevitably vary from person-to-person, as another insider told LC “some supervisors take the time to explain everything and give you more interesting tasks as you gain their trust, others will only give you admin”, but on the whole superiors get a thumbs up from the current cohort.

Fried Frank recruits also rate their peers highly, with one particularly happy trainee telling Legal Cheek: “the people are the best thing about Fried Frank. We work hard but there is a real team culture so you never feel like you’re going at it alone.” Another added that “the trainee intake is very small, but we supported each other throughout the TC, gave tips for seats, organised handovers, etc.” Asset management is given a special shout-out for being “very dedicated to trainee development”, and we’re told that people “take the time to explain tasks despite how slammed everyone is”.

Although this friendly atmosphere doesn’t always translate to a buzzing social life, we’re told that this is more a consequence of FF lawyers not making it out of the office, rather than a lack of effort from the firm. As one junior divulged: “The people at Fried Frank are social by nature and that makes it a really enjoyable place to work. My department does organise social events/drinks and the bigger events are always well attended. Due to the nature of the work it can be hard to attend some of the events but mostly people do try and make the effort. Aside from events, the office always has a buzz to it. People will drop by offices for a chat and make an effort to get to know you.” There is also a trip to New York for trainees who make it through to NQ level to attend some preliminary training at ‘Fried Frank University’ (just when you thought the studying was over!).

Office buzz aside, Legal Cheek received some grumbles from insiders on the subject of work/life balance, with one telling us that “it could be better”. Another says: “Sometimes I am at the office all night, other times I am pretty much done with my to do list by 5pm.” Overall, the trainees we spoke to seemed if not overjoyed, at least understanding, with one offering this insight: “In the industry we work in, work/life balance is always going to be a challenge and it’s important to be aware of that before entering the profession, but at Fried Frank we do have the flexibility to make our work patterns manageable, working from home for two days a week and being able to leave the office at a reasonable time and pick the work back up (if required) later in the evening. Weekend working is rare and holidays are respected.”

After all, a hefty NQ salary of £173,000 and “no pressure to be ‘online’ unnecessarily when we are in a quiet period” will likely make up for the occasional cancelled dinner with friends. As will having your own private office with a standing desk when you first join the firm. “I love having my own office and we have standing desks too!” one happy rookie tells us. Indeed, when it comes to office space, trainees across the board are very impressed with the “very modern, bright, spacious and well-located” digs in 100 Bishopsgate and can otherwise work from home two days a week.

Tech at FF is considered to be “about average”, with Litera software (a spell-check Word add-in) proving handy for juniors. When working-from-home rookies are provided with the basic package a monitor, keyboard and mouse though some begrudge the lack of desks or chairs provided.

International secondments are also absent, though there is the occasional trip to Brussels for an office conference. Client secondments are slightly more common with one trainee this year enjoying a stint at a telecoms client.

On the perks front, one describes them as “standard for a US firm” with the usual gym subsidies, private medical care and firm-funded travel opportunities making up the bulk of the offering. There’s also the opportunity to join the London running club, occasional yoga, meditation, Pilates classes and massage classes, fresh fruit deliveries and the opportunity to work from home the last two weeks of August and December.

With great work, top-end NQ salaries and a swish office, Fried Frank rookies “can’t complain!”