Shearman promotes 9 in international network to overcome a gloomy past
The American law firm's revenue had dipped by 11 per cent last year under the impact of the slowdown caused by pandemic
The US-based international law firm Shearman & Sterling has announced the much-awaited promotions, which was delayed due to shrinkage of its revenues last year.
Shearman was among the law firms hit badly by the economic slowdown caused by the pandemic. Shearman's revenue had declined by 11 per cent to $861 million last year.
Indicating that challenging situations could be behind it, the firm has announced the promotions of three partners each in Italy and the United Arab Emirates (UAE) with its international network accounting for nine out of 14 promotions.
Shearman has now doubled the cohort from 2020, when seven partners were made up, after a six-month delay to its annual promotions round.
Milan (three), London (two) and Dubai (two) account for the largest number of promotions outside the firm's New York office, besides international promotions in Abu Dhabi and Tokyo offices. Five partners are being made up from 1 July in its New York office
However, things have started looking up for Shearman, especially in Europe. It has made four lateral hires in London and opened its arm in Munich after hiring services of two partners from Linklaters. These are in addition to the arrival of an eight-member arbitration team in France to establish a Paris-based boutique.
Those promoted as partners in Milan include Alessandro Salvador (litigation), Emanuele Trucco (capital markets and M&A), and Andrea De Pieri (corporate), while two partners getting promoted in London are Gordon Houseman (finance) and Jonathan Swil (litigation).
The Middle East trio who received the good news includes Dubai-based M&A partner Jade Chu, project development and finance specialists Brendan Hundt (Dubai) and Laleh Shahabi (Abu Dhabi).
Capital markets partner Kana Morimura has been promoted in Tokyo, the first promotion by Shearman in Japan since 2018.
Five lawyers promoted in Shearman's New York headquarters are M&A duo Lara Aryani and Grace Jamgochian, as well as tax lawyer Derek Kershaw, litigation specialist Katherine J. Stoller and financial restructuring and insolvency expert Sara Coelho.
Compared to just two, half a dozen women lawyers are among those promoted as partners this year.
"I am proud to announce the promotion of these exceptional lawyers. This is recognition of their skill, agility and determination to best serve the needs of our clients and the firm," Shearman's senior partner David Beveridge said, adding that it is also part of the continued execution of the firm's strategy to expand the core practices with the greatest potential for the firm, aligning with market opportunities.