manhattan: shearman set to increase litigation incomeShearman & Sterling has set itself a tough benchmark to increase the income of its litigation department by more than $50m (£28m) annually in a bid to compete with its Manhattan peers, it has emerged.

The New York firm is gearing up for substantial investment in the team, with Shearman aiming to bring in as much as 30% of its income from contentious work, compared to 20% at present.