Wake Up Call: Shearman & Sterling Revenues Drop Below $1 Billion

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• Shearman & Sterling’s gross revenues topped $1 billion for the first time in 2021 but in 2022 a slump in deal work pulled them back down 10.4% to $906.9 million. The New York-based firm, which recently named a new leader after unsuccessful merger talks with Hogan & Lovells, saw average profits per equity partner plunge 17.5% $2.48 million even with a smaller equity partnership, according to a report based on early data. (American Lawyer)
• Shearman’s New York ...