Shearman & Sterling reported higher revenue and profits in 2018, as compared to a year earlier. The firm reported a gross revenue of $955.5 million, in FY2018 compared to $917.5 million in FY2017 i.e. an increase of 4.1 percent. A net income of $335.3 million, was reported in FY2018 as compared to $328.3 million in FY2017 i.e. an increase of 2.1 percent.Profits per equity partner rose from...
Shearman & Sterling reported higher revenue and profits in 2018, as compared to a year earlier. The firm reported a gross revenue of $955.5 million, in FY2018 compared to $917.5 million in FY2017 i.e. an increase of 4.1 percent. A net income of $335.3 million, was reported in FY2018 as compared to $328.3 million in FY2017 i.e. an increase of 2.1 percent.
Profits per equity partner rose from $2.3 million to $2.4 million even as the firm shed some equity partners. Recent reports of the firm increasing its non-equity partners notwithstanding, Shearman senior partner and former global managing partner David Beveridge said that the firm had definitely not abandoned the equity partner model characteristic of Wall Street law firms.
“We’re still predominantly an equity partner firm. We have more equity partners than all other law firms that are global,” he said.
Beveridge said, “There are always some partners who are de-equitized as they get to the end of their career and move out, but that isn’t a big part of what we’ve been doing. Every year, we have five to 10 scheduled retirements from the firm. People move into a non-equity role and move out. That’s just how a firm runs.” The firm’s 16 new income partners helped drive growth over the last year,” he said.