Sunday, June 4, 2023

Allen & Overy and Shearman & Sterling are looking to merge to create the third largest law firm in the world. companies

Allen & Overy and Shearman & Sterling, two of the world’s most prestigious law firms, confirmed this Sunday that they are in the process of merging to become A&O Sherman: a new legal giant that will position itself as the world’s third largest. Will install as. the world, according to its turnover, with a total revenue of 3,400 million dollars (about 3,144 million euros). In addition, the resulting team will consist of approximately 3,900 lawyers and 800 partners in 49 offices distributed across 29 countries.

New York firm Shearman & Sterling has about 300 lawyers in Europe with offices in Brussels, Frankfurt, London and Paris; And there was also a possible merger with American-British Hogan Lovells a few months ago, but last March they abandoned the process after mutually agreeing that the operation was “not the best thing for either of the two firms” at the time. Was. “

For its part, British Allen & Overy has 6,000 professionals on staff in 40 offices worldwide, including Spain, where one of its offices is run by Antonio Vazquez-Guillén and Ignacio Ruiz-Camera. Its staff is made up of approximately 270 attorneys in the US spread between Boston, Los Angeles, New York, San Francisco, Silicon Valley and Washington, compared to 2,500 worldwide. “This transaction has significant benefits for our clients and our people. For Allen & Overy, it strengthens our ability to serve clients in the US market, which has long been a strategic priority, and strengthens the core of our business worldwide,” said Wim Dejonge, Senior Partner at Allen & Overy.

According to both firms, the new firm will be “the only global firm” that combines “in equal measure” high competence in US law, English law and local law in the countries where it has a presence. However, the merger must still be approved by the partners of each organization. With this operation, he explains, Shearman & Sterling will expand its offering to the rest of the world, while Allen gains its long-awaited access to the always-complex North American market, a jurisdiction that has traditionally limited English-origin law. Firms have opposed. The apparently transactional nature of both firms creates a new global competitor with large US firms.

“This combination is more than an extension. It is about shared values ​​and vision. Each of our firms was born in one of the world’s financial capitals and we have both been founded on an unwavering commitment to providing quality has developed a stellar reputation,” said Adam Hakki, Shearman & Sterling Global Senior Partner. American entered 2021 at a little over $1,000 million, though it faced a 10.4% decline in its turnover last year to $906.9 million.

The new law firm’s turnover will be behind Kirkland & Ellis’ turnover of over $6,500 million in 2022 and Latham & Watkins’ registered revenue of close to $5,500 million. With a combined 250 years of professional experience, A&O Shearman will seek to position itself to capitalize on global macro trends including the energy transition, technology and private equity.

World Nation News Desk
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