Shearman PEP soars after profits overhaul as City revenue jumps 14 per cent

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Shearman & Sterling’s London office has boosted its revenue 14 per cent over 2016 to $169.7m.

The rise in the City is reflected globally, with the firm increasing its turnover by 6 per cent from $860.3m to $912m.

At the end of 2015, Shearman reported City revenue of $148.6m after modest growth of 3 per cent. Its 2015 global results were understood to have missed their revenue target by around $50m.

Firmwide profit per equity partner grew 18 per cent to $2.2m, having fallen to $1.84m over 2015.

Last year, the firm restructured its global partnership to move equity partners onto fixed-share in a bid to boost the firm’s profit.

London managing partner Nick Buckworth said: “The process inevitably helped the firm’s PEP but fundamentally it’s about the revenues.

“The growth is due to the success of the underlying business. It’s cash that produces the profits.”

In London, Shearman lost a number of high-profile partners including private equity head Mark Soundy and London tax head Sarah Priestley.

US-based private equity head Jeremy Dickens also resigned to join McDermott Will & Emery in New York.

Shearman promoted no lawyers in London last year, after making up seven the year previously. The office has worked on multiple large transactions in the past year, including the completion of Liberty Global’s billion-dollar acquisition of Cable & Wireless Communications.

The post Shearman PEP soars after profits overhaul as City revenue jumps 14 per cent appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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