Given the list of associate “perks” firms could be cutting back on during these tough economic times, the latest news from Fried Frank seems very reasonable. Associates at Fried Frank were told today:
In light of continued turmoil in the financial markets and the wider economy, and the effect it is having on so many we know, we think it is not appropriate to host Firm holiday parties this year.
The Firm has a strong platform and business with which to succeed in this very demanding business environment and continues to be involved in many interesting and challenging matters for our clients. Instead of the parties, the Firm will be making charitable contributions to certain organizations who rely on donations during the holiday season to accomplish their purpose during this time of year and which are feeling the effects of the slowdown in the economy.
Thanks very much.
Valerie Jacob and Justin Spendlove
Despite the success of last year’s bash at Cipriani on Wall Street, this would seem to help associates in two ways. It saves the firm money — without firing anybody. That is an unqualified good.
But also: who enjoys the firm holiday party anyway? It’s just an opportunity for associates to get too drunk and do something colossally stupid that will no doubt end up on Above the Law. (Please don’t cancel the holiday party Mr. Fried and Mr. Frank!)
Seriously though, saving a bit of cash is a good thing for associates. And not for nothing, but giving some extra money to charities during what is sure to be a terrible season for charitable donations is really a great thing to do. During times of economic recession people tend to give less, precisely at times when charities need more.
But it might not be all Salvation Santas at Fried Frank this winter. More after the jump.