This article is part one of a multi-part series examining the trajectory of Shearman & Sterling and what propelled the firm to seek a merger. Read part two here. 

Shortly after the dot-com bubble burst in the early 2000s, Shearman & Sterling was still a marquee name in the legal community. The firm, then ranked No. 5 in the Am Law 100, was high-priced, effective and had a market reputation as a firm that you called. They didn’t need to call you.