Fried Frank is embarking on an ambitious initiative to establish a leading debtor-side bankruptcy practice, and it’s doing so with a novel addition to its team: a Chief Operating Officer. Last month, the New York-based firm appointed Ben Schrag as COO of its new restructuring practice. Schrag will work alongside global restructuring chair Rachel Strickland, who joined Fried Frank from Willkie Farr & Gallagher with partners Daniel Forman and Andrew Mordkoff last month.
Notably, Big Law firms typically remain management-light, relying on successful lawyers to run their operations. However, the trend is shifting as firms increasingly hire executives to help manage individual practice areas, reflecting the growing complexity of law firms. Jennifer Johnson, chief executive of Calibrate, a consultancy for law firm operations, notes that many firms are now looking for leaders with additional business acumen to help manage their practices. Schrag’s responsibilities will include strategic planning, workload management, client intake, budgeting, and recruiting, among others.
For Fried Frank, this move signifies a strategic build-out. As highlighted in a previous report here, establishing a successful restructuring practice requires talented attorneys and strong relationships in the restructuring community. Schrag’s background as a lawyer, businessperson, and networker makes him an exceptional fit for this role. He began his career in Kirkland & Ellis’s restructuring group, and later co-founded Prime Clerk, which grew to more than 1,000 employees before being sold to Kroll Inc.
Schrag’s involvement is expected to streamline operations, allowing partners to concentrate on client service and legal work. This initiative will focus on business development strategies, advanced lead-tracking systems, and detailed market share data, among other activities. Jon Henes, a former Kirkland restructuring partner, emphasizes that Schrag’s multifaceted experience equips him with a unique skillset crucial for building out a restructuring group in a competitive space dominated by firms such as Kirkland & Ellis. For more details, click here.
As the legal industry evolves, Fried Frank joins a growing list of firms embracing the trend of hiring business professionals to enhance their operations. Polly Minifie Snyder, COO at Bryan Cave Leighton Paisner’s corporate and finance transactions department, echoes this sentiment, pointing out that growing and complex firms need to free their top partners from administrative tasks to focus on delivering the best client services.
With the addition of Schrag, Fried Frank is positioning itself for success in the competitive restructuring market, aiming to deliver exceptional value to its clients.