Shearman & Sterling has launched a new legal operations unit focused on guiding corporate legal departments on efficiencies, a rare investment beyond conventional legal services for a high-end law firm.

A growing number of global law firms—including Norton Rose Fulbright, Bryan Cave Leighton Paisner and Eversheds Sutherland—are competing with the Big Four, New Law and large consulting shops to help clients streamline the functioning of their legal departments. But firms like Shearman that traditionally serve Wall Street elites and other prestige clients have been slower to get on board.