After two strong years of catch-up, Shearman & Sterling’s turnaround plan hit a speed bump in 2015, writes The Am Law Daily. Gross revenues grew less than 2% to about $860m (£610.7m), while revenue per lawyer stayed level at $1.03m (£731,000), and profits per partner declined 3.7% to $1.834m (£1.32m).
“We had a disappointing year in profits per partner, no doubt about it,” said senior partner Creighton Condon. “But we delivered on everything we expected to deliver on. If not for some delayed collections, year-end market turmoil and currency headwinds, we would have had a nicely up year.”
