Shearman PEP down 9% but firm eyes 'opportunity'
Shearman & Sterling has posted a 4.9% dip in revenues to $876m (£608m) for 2008, along with a 9.6% fall in profits per equity partner to $1.665m (£1.15m). The percentage declines recorded by Shearman were similar to those reported by Skadden Arps Slate Meagher & Flom and in the middle of the pack for major New York firms that have so far posted their results."It was the second-best year in the firm's history," said senior partner Rohan Weerasinghe. "That we did as well as we did is a testament to the strength of our platform globally."Shearman is more global than some of its US peers, with 45% of its lawyers based overseas, but less diversified in its practice mix, with only 22% of its revenues deriving from litigation.
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now