Firm Profiles
IN-DEPTH RESEARCH REPORT
on Fried, Frank, Harris, Shriver & Jacobson LLP
- - Financial Information
- - Compensation
- - Billing Rates
- - Lateral Partner Moves
- - Pro bono
- - Key Contacts
Fried, Frank, Harris, Shriver & Jacobson
- Designation: New York
- Head Count: 476
- Gross Revenues: $444,000,000
- Revenue Per Lawyer: $935,000
- Profits Per Partner: $1,315,000
- Year Over Year Change: 3
Many firms were hit hard by the economic downturn, but perhaps none as hard as Fried, Frank. A largely transactional firm, known for its practices in M&A, securities regulation, antitrust, and bankruptcy and restructuring, it finished last (out of 84 firms) in The American Lawyer’s Recession Performance Index. Between 2007 and 2009, gross revenue suffered a compound annual growth rate of minus 11 percent, and profits per partner was a negative 10 percent. More than 100 lawyer positions were cut (including equity partners), foreign offices were trimmed, and associate start dates were delayed. In 2008 alone, profits per partner plunged by 23 percent, to $1.23 million.
But Fried, Frank, it turned out, wasn’t down for the count. The firm learned to do more with less, and by the end of 2010, profits per partner were nearly equal their prerecession figure of $1.6 million. While that year’s revenue was slightly more than $471 million (putting the firm sixtieth on the 2011 Am Law 100 list), it was an 11 percent increase from 2009.
In some ways, however, this was not the same Fried, Frank. The head count, for example, wasn’t just lower, but also included—for the first time ever—nonequity partners. But in other ways, Fried, Frank was back to basics, benefiting from an uptick in the transactional work that has traditionally been its bread and butter. In The American Lawyer’s 2011 Corporate Scorecard, the firm ranked fifth in private equity (by number of transactions), second (by value) as counsel to investment advisers in M&A, and third (by value) as underwriter’s counsel in U.S. IPOs. Associate morale was still in need of a boost—the firm ranked 121st of 137 firms on The American Lawyer’s 2010 Midlevel Associates Survey and 101st of 126 in 2011, but at least that figure, like other key measures at Fried, Frank, was heading in the right direction.
—Updated as of 1/1/12
Firm Rankings
| Survey | Rank | Year Over Year Change | Description |
|---|---|---|---|
| Am Law 100 | 65 | 3 | Gross revenue |
| Am Law 200 | 65 | 3 | Gross revenue |
| NLJ 250 | 80 | 1 | Lawyer head count |
| The A-List | NR | N/A | Overall excellence |
| Pro Bono Scorecard | 97 | 16 | Pro-bono commitment |
| Diversity Scorecard | 123 | 16 | Minority head count |
| Midlevel Associates Survey | 101 | no change | Job satisfaction |
| Summer Associates Survey | 74 | 25 | Summer programs |
In the News
Marketplace: Massive Hudson Yards Project Moves Forward
Monica Paquette : New York Law Journal : April 17, 2013
The 26-acre complex currently under construction on Manhattan's West Side has captured the attention of several high-profile companies. L'Oreal USA and SAP AG will join Coach Inc. at Hudson Yard's 1.7 million-square-foot South Tower. Also, the first of two 99-year ground leases with the Metropolitan Transportation Authority has been finalized.
King & Spalding
: Daily Report : April 5, 2013
Could U.S. legally hit North Korea first?
Jenna Greene : The National Law Journal : April 4, 2013
As North Korea ratchets up its hostile rhetoric, international lawyers are debating whether the United States would have legal justification to launch a pre-emptive strike.
Tall In the Saddle
: Corporate Counsel : April 1, 2013
The New GC of MetLife really worked his way up by his bootstraps; and other Moves.
Big Deals
David Marcus : The American Lawyer : March 28, 2013
Berkshire/3G Capital/Heinz; Dell LBO; Liberty Global/Virgin Media; Zoetis IPO
Marketplace
Monica Paquette : New York Law Journal : March 20, 2013
Liberty International Underwriters USA, a division of Boston-based Liberty Mutual Insurance, has signed a 10-year lease with New Water Street Corp. at 55 Water St.
The Am Law 100, the Early Numbers: Revenue Falls, Profits Plummet at Fried Frank
Drew Combs : The Am Law Daily : March 19, 2013
Fried, Frank, Harris, Shriver & Jacobson registered across-the-board declines in key financial categories last year, as gross revenues slid 6.3 percent, revenue per lawyer dipped 2.6 percent, and profits per partner plunged 16.8 percent, according to The American Lawyer's reporting.
E-Discovery
: New York Law Journal : March 18, 2013
In this Special Report from the New York Law Journal: "Mobile Business Communications May Result in Litigation Risk," "New Surrogate's Court Decisions Tackle Electronic Discovery," "Technology-Assisted Review Is a Promising Tool for Document Production" and "Amendments Propose Extending 'Meet and Confer' Requirement."
D.C. MOVES
: The National Law Journal : March 18, 2013
Amendments Propose Extending 'Meet and Confer' Requirement
Michael B. de Leeuw and Eric A. Hirsch : New York Law Journal : March 18, 2013
Michael B. de Leeuw and Eric A. Hirsch of Fried, Frank, Harris, Shriver & Jacobson review proposed amendments to the rules governing preliminary conferences in non-Commercial Division cases that require discussion of e-discovery issues on cases "reasonably likely" to involve e-discovery, along with providing guidance as to which cases those might be and what topics should be discussed.
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