Facing a deep downturn in transactional work, Shearman & Sterling’s revenue dropped 11% to $861 million, while average profits per equity partner fell 22.9% to $1.897 million.

“Most of the firm was busy throughout the year,” but certain practices “were really impacted by the slowdown caused by the pandemic,” said senior partner David Beveridge, citing, in particular, the firm’s transactional practice and those focused on the energy sector.