ShearmansShearman & Sterling has pulled off a dramatic reversal in its financial fortunes with the New York firm’s profits rebounding 26% in its latest financial year after a turbulent 2001, Legal Week can reveal.

Confirming what are among the most eagerly awaited results among US firms, Shearmans insiders said the firm’s 2002 average profits per partner jumped 26% to around $1.2m (£769,000), while turnover rose from $619m to $700m (£448m).