Shearman & Sterling’s London office has posted a drop in fee income of more than 12% for the 2009 financial year.

The US firm’s City arm, which is led by managing partner Anthony Ward (pictured), saw revenues fall by 12.4% to $99.7m (£63.6m) in 2009, compared to $113.8m ($72.5m) in 2008 and $132.6m (£84.5m) in 2007.