The Lawyer can reveal that Stephen Fraidin, the legendary New York corporate partner who left Fried Frank just before the much-anticipated merger vote with Ashurst Morris Crisp, will earn $3m (£1.9m) per year for his first three years at Kirkland.
It is understood that Fraidin’s agreement with Kirkland will award the lawyer a significant premium, above what he earned at Fried Frank.
According to sources, Fraidin would have taken home around $2.3m-$2.5m (£1.4m-£1.6m) a year while at Fried Frank, as he was one of the firm’s elite group of ‘super-pointers’.
It is believed that Kirkland operates a modified lockstep, but also has a number of salaried partners.
Fraidin is well known for his association with high-profile clients, such as leveraged buyout giant Forstmann Little & Co.