Allen & Overy and Shearman & Sterling Unite to Form Legal Powerhouse
America Δ± By Rihem Akkouche
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On the flip side, Allen & Overy had engaged in a lengthy courtship with O'Melveny & Myers LLP, a merger that eventually withered away in September 2019.
Shearman's Turbulent Ride
When the music ended with Hogan Lovells, Shearman faced a turbulent period. Staff and attorney layoffs left their mark earlier this year. The baton passed to a new leader, senior partner Adam Hakki, following the shattered dreams of the merger. The firm also waved goodbye to its entire German office, which sailed away to Morgan Lewis & Bockius LLP.
Despite the new merger with Allen & Overy, the exodus continued. At least eight attorneys bid adieu in the U.K., South Korea, and Singapore, making Ashurst LLP their new harbor. June saw four attorneys depart for trial boutique Reichman Jorgensen Lehman & Feldberg LLP. July witnessed two partners heading to Gibson Dunn & Crutcher LLP, one to O'Melveny & Myers LLP, and one to Cleary Gottlieb Steen & Hamilton LLP.
Shearman's numbers dwindled from over 850 lawyers at the close of 2022 to around 600 lawyers by the end of May, and that count further reduced to 564 in recent times.
Allen & Overy and Shearman & Sterling : A Visionary Outlook
In his Friday statement, Adam Hakki, senior partner at Shearman & Sterling, extolled the possibilities bestowed by this merger as "unparalleled." He declared, "Our partners have recognized and welcomed this unparalleled opportunity to combine our individual market leadership and brands to serve clients as an integrated global law firm, preeminent in all our markets. A&O Shearman will be a firm unlike any other in the world, built to achieve exceptional outcomes for our clients through an intentional focus on quality, excellence, and collaboration. We are creating a new industry leader, with truly global capabilities, and we are excited for what is to come."
Allen & Overy and Shearman & Sterling : The Advisors
Lazard Ltd. took on the role of financial adviser, while Simpson Thacher & Bartlett LLP steered the legal course for Allen & Overy in this landmark transaction. Davis Polk & Wardwell LLP served as legal counsel to Shearman.
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