Fried, Frank, Harris, Shriver & Jacobson

About the firm

Life is all about making the right investments and, while we’ll leave the returns to the Warren Buffetts of the world, choosing the right training ground for your career also pays dividends. So, if you’ve got a penchant for finance and law, a bet on this US outfit is equivalent to a bet on a triple-A bond.

“You see the deals you’ve worked on on the front page of the Financial Times.”

“You see the deals you’ve worked on on the front page of the Financial Times,” noted an insider. Indeed, the firm’s deep bench of expertise warrants many a headline-deal. Take our sister guide’s word for it: in Chambers UK, the firm earns recognition for its expertise in fund finance and private equity investment funds (credit funds and secondaries). Further, our colleagues over at Chambers Global award the firm top marks for its global private equity fund formation work, as well as the firm’s US hedge fund, investment funds & asset management, and private equity fund formation know-how.

“Fried Frank is a transatlantic powerhouse, as well as a private capital hub,” training principal Athena Tan confirms. While the London office is relatively modest in size with around 140 lawyers, Tan highlights, “Our London results show that London is a key strategic priority for the firm.” She continues, “Our headcount has grown 60% in the last five years (and by nearly 500% in the last decade), and revenue in London has increased by 42% year on year.”

The firm’s trainee intake is one of the smallest in the market, though Tan notes that from 2027, the firm will be taking on five trainees per cohort. “It is a considered increase; we still want to stay core to what we believe is our advantage in our training program: a small intake deliberately,” Tan underlines, highlighting the benefits of early responsibility and exposure.

Why trainees joined the firm

Small (teeny, tiny) trainee intake

The firm’s small trainee intake (increasing to five trainees) attracted candidates looking for plenty of responsibility: “The size of the trainee cohort is a positive for me! I was motivated to apply for the more direct responsibility (and not feel like a cog in a machine),” one shared. With leaner teams, they added, “here, it’s more personable with the team; you get to know them and build relationships.”

Funds focus

Trainees here are united by a shared interest in transactional and corporate (particularly funds) work. As one source put it, “looking at the leaders in funds world, you’d hear the name Fried Frank.” In turn, “the quality of the work is real – the caliber of some of the bigger clients is great,” trainees agreed.

Competitive salary

As with many US firms, the eye-watering salaries prove to be an attractive offering for those willing to put in the shift. With pay sitting at the upper end of the London market, it was a factor “to be completely transparent!” an insider divulged.

Trainee satisfaction rankings

Training contract structure

Seat allocation

Trainees are required to complete rotations in the three cornerstones of the firm’s London office: asset management, corporate finance & securities, and M&A/private equity. For their fourth and final rotation, trainees can gain experience in another practice at the firm, such as real estate, antitrust, tax or restructuring. Preferences however can’t be guaranteed.

Client secondments

N/A

International secondments

N/A

Seat Experiences

Trainee life

Culture and environment

Data from our annual trainee survey

There are plenty of ideas about what life is really like at a US firm, but, as one insider divulged, “It’s much friendlier than I expected!” Indeed, with around 140 lawyers making up the London office, “it’s not too big,” trainees agreed: “Most people know each other, and everyone is very approachable.”

“There’s an ‘in it together’ vibe.”

Similarly, “it’s non-hierarchical which is beneficial when trying to learn as you can knock on people’s doors regardless of seniority,” another shared. Sources noted that the London office is going through a period of growth, so “there’s an ‘in it together’ vibe,” with juniors and trainees having each other’s backs.

As for the social calendar, the firm puts on well-attended summer and winter parties. The latter “was a fun one!” an insider enthused: “It was at the Lucky Cat in Bishopsgate,” which you might recognise from the Gordon Ramsay Netflix documentary. Outside of formal dos, departments host the occasional get together for drinks. Most recently, a run club has started up, with those looking to decompress heading out on group runs twice a week.

Working patterns

Data from our annual trainee survey

Generally, everyone is expected in office from Tuesday to Thursday, with the option to work from home on Mondays and Fridays. Trainees did caveat, however, that some teams require you to be in office more. It’s a good thing, then, that the Bishopsgate office is “excellent, location-wise,” and offers a welcoming environment with plenty of snacks. As they say, it’s the sweeter things in life: “We get chocolate every day at 2pm. It’s a big office perk I’ll have you know!”

Like any US firm in the city, the hours can be long. Given the transactional nature of the work, hours are subject to peaks and troughs. Hours-wise, the M&A and private equity, and finance teams were described as having more intensely busy periods followed by a steadier pace. On the other hand, practices like asset management, for example, were described as more steadily busy.

Trainees indicated that an average day might mean working until about 8 or 9pm, however when it’s busy, for example, around closings, “it can be a post-11pm finish, sometimes spilling into the early hours of the morning.” Thankfully though, “there is no facetime culture,” sources noted, meaning “you can leave the office at 6pm and log back on at home.”

Pay

Data provided by firm and our annual trainee survey

“I can’t complain!”

Trainee salaries recently received a healthy boost, bringing them closer in line with the upper end of the market, rising by £10,000 for both first years and second years. “It reflects the hours that we put in and the work that we do,” said one interviewee of the increase: “It’s definitely an improvement; I can’t complain!”

Supervision and training

Data from our annual trainee survey

Usually, it’s two people to an office, and trainees share with their supervisor. Supervisors are typically senior associates, and because you’re sat with them, “feedback is pretty much instantaneous,” a trainee noted.

Formal feedback comes during the mid- and end-of-seat review. Trainees have quarterly catch ups with the training principal to discuss how they are getting on in their seat. Newbies are also paired with an alumnus who serves as an external mentor, answering questions and providing tips and tricks about navigating life at Fried Frank.

On training, most departments host weekly sessions, often tailored towards juniors: “It’s useful to have those training sessions because you get a better sense of the bigger picture, what is going on and why certain documents are important.” Ultimately though, the focus remains on learning on the job and taking on increasing levels of responsibility.

Inclusion

On the topic of inclusion, trainees unanimously told us, “Fried Frank is really big on that!” The firm has plenty of affinity networks to join including The Women’s Forum, Working Families, First Generation Professionals, Pride Alliance, Disability Alliance, and EDGE (Ethnically Diverse Group of Employees). The networks generally meet monthly and host online events, providing opportunities to interact with those on the US side of the firm as well.

In London, in-person events occur at least two to three times a quarter, including recognising and celebrating occasions such as Lunar New Year, Diwali, Eid and Pride month. “It’s reflective of the makeup of the teams,” highlighted a source: “It’s diverse; people come from different walks of life.” Recently, the firm hosted a talk led by an associate on their experiences of LGBTQ inclusion in the city: “It was really well received and open to attendees from other law firms.”

Pro bono & CSR

Trainees are encouraged to get involved in pro bono. In fact, at the associate level, there is an expectation to complete a minimum of 20 hours of pro bono work annually, with up to 300 hours that can contribute towards the billable target. The firm's London lawyers committed to over 330 hours last year providing children and young people with legal advice and representation for citizenship and leave to remain applications.

Every fortnight, the pro bono team circulates an email outlining the opportunities trainees can get involved in. “There’s a diverse amount of pro bono work,” said one interviewee, from short-term volunteering to longer-term projects.

Other opportunities include:

• Mentoring students from disadvantaged backgrounds

• Assisting local businesses

• Working with Kids in Need of Defense (KIND) UK, an international nonprofit organisation that provides free legal representation and support to unaccompanied immigrant and refugee children.

Qualification

Qualification at Fried Frank was described as “a soft approach – it’s very informal.” Candidates speak with HR and indicate their first- and second-choice teams. Thereafter, HR speaks with “the powers that be” (the partners in the relevant teams) to align on whether there is a position available.

“You get an indication off the book from conversations with partners and the feedback you receive,” said an insider on the likelihood of getting your first-choice department. As the firm has historically had a high retention rate, our sources were hopeful for what their futures held!

User friendly…

Fried Frank has introduced an AI platform called ‘Fund Assist’ (‘Frankie’ to friends) designed to assist with transactional workflows.