Shearman & Sterling LLP > New York, United States > Firm Profile

Shearman & Sterling LLP > The Legal 500 Rankings

Dispute resolution > Securities litigation: defense Tier 1

The securities litigation practice at Shearman & Sterling LLP is ‘at the forefront of creative solutions’ and clients remark that it has ‘a deep bench of creative thinkers who often take a novel approach’. The firm is particularly active in matters involving the financial services and life sciences sectors, and its work for underwriting syndicates stands out from the crowd. Adam Hakki and Richard Schwed in New York lead the team along with Patrick Robbins in San Francisco. Hakki and Houston-based Mallory Brennan achieved a significant victory for Jefferies in a securities litigation related to the acquisition of Waite Holdings by special purpose acquisition company Landcadia Holdings – one of the first cases to arise from the SPAC boom. ‘His grasp of the law and his aplomb in advocating for clients is unmatched’, say clients of Daniel Laguardia in San Francisco, who worked with New York partner Daniel Lewis to secure a favourable settlement for underwriters of CannTrust Holdings. Up-and-coming partners Grace Lee in Washington DC and Agnès Dunogué in New York are pivotal to the practice, which continues to expand its roster of talent. Samuel Cooper in Houston joined from Paul Hastings LLP, and he is currently representing various entities in the Arbor Venture Fund family in a complex matter. Class action and internal investigations specialist Emily Westridge Black in Austin joined from Haynes and Boone, L.L.P., and former federal prosecutor Patrick Hein in San Francisco joined from the US Attorney’s Office in New York.

Antitrust > Civil litigation/class actions: defense Tier 2

Shearman & Sterling LLP is particularly known for its strength in handling antitrust litigation in the financial services sector, also regularly advising in civil matters relating to price-fixing, group boycott and monopolization claims in the aviation and technology sectors. Situated in Washington DC, global antitrust practice leader, David Higbee, has recently represented clients in civil lawsuits including class actions and government investigations. Also heading up the team is Adam Hakki in New York, who has had significant involvement in representing clients such as BNP Paribas in trading market class actions and Patrick Robbins who is located in San Francisco. Richard Schwed represents financial institutions in class actions and private litigation including jury trials and operates in NY.  Other attorneys to note include Stephen Fishbein in New York for his experience in civil litigation concerning monopolisation claims and DC-based litigator Todd Stenerson. Ryan Shores has left the firm.

Dispute resolution > Financial services litigation Tier 2

Shearman & Sterling LLP has a standout, internationally-facing financial services practice, representing both US and non-US financial institutions, including investment banks, in contentious matters that are often cross-border. The firm also has expertise regarding underwriting syndicates as well as representing clients before regulators, particularly the SEC, and in securities litigation relating to insider trading, market manipulation, accounting fraud and false statements. The practice is led by Adam Hakki, Richard Schwed, in New York, and Patrick Robbins, in San Francisco. Hakki is renowned for his expertise in securities litigation, acting for the firm’s major banking clients such as Morgan Stanley, Citigroup and Goldman Sachs on a range of significant securities matters. New York’s Daniel Lewis is another key name, representing significant banks in securities and market manipulation class actions in their role as underwriters, along with Grace Lee, who shares this focus in securities litigation in addition to her experience in bonds, and structured finance products including RMBS. The practice was joined throughout 2022 by Patrick Hein in San Francisco from the Eastern District of New York’s Attorney’s Office, Emily Black in Austin from Haynes and Boone, L.L.P., and Samuel Cooper in Houston from Paul Hastings LLP.

Dispute resolution > General commercial disputes Tier 2

Shearman & Sterling LLP represents corporations, joint ventures, and partnerships in business disputes pertaining to breach of contract, fraud, professional malpractice, and insurance and reinsurance matters. The team also has thorough knowledge of financial products disputes, and advises clients across automotive, chemicals, healthcare, media and entertainment industries. Richard Schwed in New York is adept in a spectrum of litigations and investigations, including antitrust, commercial matters, and securities. He also represents clients before federal, state trial, and appellate courts, and co-leads the team alongside Adam Hakki, also in New York and San Francisco's Patrick Robbins. Todd Stenerson in Washington, DC has been engaged in numerous breach of contract and ERISA cases, business torts, and dealer termination and RICO cases.

Dispute resolution > International litigation Tier 2

With a strong background in the financial services sector, Shearman & Sterling LLP has experience representing major US and non-US financial institutions in securities and antitrust litigation, particularly class actions, as well as regulatory investigations. The practice is led by Adam Hakki and Stephen Fishbein based in New York, and Patrick Robbins in San Francisco. Hakki is renowed for his expertise in securities litigation, acting for many of the firm’s major clients including Bank of America, Credit Suisse and Morgan Stanley. He is also experienced advising underwriting syndicates of IPOs in securities class actions as well as representing banks in trading market class actions. Brian Burke, based in New York and Shanghai, is another key name to note, concentrating on regulatory investigations across the Asia Pacific region, particularly advising multinationals with operations in China in matters relating to the FCPA, anti-money laundering, economic sanctions and antitrust. Jerry Fortinsky, also based in New York, shares this focus in Asia and leads the China securities litigation practice where he frequently defends shareholder lawsuits against US-listed Chinese companies. Katherine Stoller is a prominent player in white collar defense and internal investigations relating to securities and accounting fraud, as well as insider trading and money laundering, noted for her engagement with Danske Banke in investigations by both the DOJ and the SEC along with European regulatory authorities into money laundering and securities fraud.

Dispute resolution > M&A litigation: defense Tier 2

Shearman & Sterling LLP in New York has a broad practice that acts for corporations, investment banks, boards of directors, special committees and other major players in high-stakes transactional litigation.  Global managing partner and head of litigation Adam Hakki is an acknowledged expert in both securities litigation and M&A disputes. He leads the M&A litigation practice along with Paula Anderson, Alan Goudiss and up-and-coming talent Mallory Brennan. Dan Gold in Dallas, who the firm from Haynes and Boone, L.L.P., and Samuel Cooper in Houston, who moved over from Paul Hastings LLP, are taking on significant work.

Finance > Capital markets: debt offerings

Shearman & Sterling LLP has a prestigious record in investment grade bonds. It continues to attract frequent engagements from both issuers and underwriters, including in bulge-bracket offerings. Historically, the capital markets team has operated more regularly on the underwriters’ side with close links to the top global financial institutions, though it has achieved greater prominence on the issuer front in recent years. The firm is also noted for its representation of Canadian financial institutions and other Canadian issuers in bond offerings, thanks to the presence of Jason Lehner, who splits his time between New York and Toronto. Lona Nallengara and Richard Alsop are also highly rated partners in New York.

Finance > Capital markets: equity offerings

Shearman & Sterling LLP maintained impressive levels of activity in IPOs, secondary offerings and convertible securities. Automotive, biotechnology, energy and power, financial services and asset management, healthcare, infrastructure and pharmaceuticals are key sectors. The firm has achieved recent prominence in underwriter engagements for equity offerings in the healthcare SPAC markets. The capital markets team is also noted for its SEC reporting and corporate governance expertise. Ilir Mujalovic heads the capital markets practice and is an expert in healthcare and SPAC transactions. Menlo Park partner Christopher Forrester is the lead figure on the West coast.

Finance > Capital markets: global offerings

With an established record in both issuer and underwriter engagements, Shearman & Sterling LLP's global offerings practice largely centres on Latin America and Canada. Its New York, Houston and Sao Paulo offices have deep connections to Latin America - particularly Brazil - though the firm has a fine record in most jurisdictions in the region. It also has a large number of Latin American natives within its attorney ranks. The firm also has a considerable history in Canada, having launched an office in Toronto in 1989. In more recent years, it has brought its specific expertise in green and ESG bonds, SPACs and other types of offerings to both regions. Jason Lehner, who leads the Toronto office, also works out of New York. New York partners Grissel Mercado and Manuel Orillac specialise in Latin America offerings, with Mercado becoming increasingly prominent in recent years.

Finance > Capital markets: high-yield debt offerings

Shearman & Sterling LLP continues to build its standing in the high-yield debt arena, with a significant market share of underwriter-side and issuer-side engagements. It represents a long list of banks as underwriters and has a burgeoning issuer client base. Its broader leveraged finance practice provides additional credibility and another source of deal flow for the capital markets team, including acquisition financings and liability management transactions. While much of the core high-yield debt expertise sits in the New York office, a team in Houston is also active in this area. Harald Halbhuber, Jason Lehner (who also manages the Toronto office) and Stephen Gruendel are key partners in New York. Jonathan DeSantis has left the firm.

Labor and employment > Employee benefits, executive compensation and retirement plans: transactional Tier 2

Shearman & Sterling LLP advises public and private companies, along with corporate boards and committees, on the full spectrum of governance issues relating to compensation, attracting notable clients from a wide range of industries, including technology, airlines, and agricultural products. New York-based practice head Doreen Lilienfeld is highly experienced in representing domestic and international entities with respect to compensation matters involved in M&A and IPOs, as evidenced by her leading role in Local Bounti Corporation’s $122.5 million acquisition of Hollandia Produce Inc. John Cannon has expertise in all aspects of corporate governance, compensation, and employment law, enabling him to regularly support start-ups in the biotechnology sector, while Gillian Emmett Moldowan focuses on issues that arise at the intersection of human capital management and corporate governance. Sam Whitaker was promoted to partner in July 2022. All attorneys mentioned are in New York.

Tax > Financial products Tier 2

The ‘top notch’ tax team at Shearman & Sterling LLP frequently advises clients on debt products including common stock issuances, revolving credit facilities, offerings under Rule 144A, convertible bonds and secured notes. The firm also has an emerging focus on cryptocurrency as a financial product and significant asset class, as well as boasting extensive experience advising investment banks and financial institutions in financial product development as well as underwriters, arrangers and issuers. The practice head is Larry Crouch, based in New York, who is supported by key names Kirsten Garry in Washington DC, and Lorenz Haselberger, also in New York. Garry focuses her practice on cross-border structured finance transactions, securitizations, M&A and capital markets offerings, as well as being a key name regarding financial products, including crypto. Haselberger, who was recently promoted, concentrates on taxation of financial instruments and institutions, as well as the tax components of M&A , inbound investments and restructurings. Michael Shulman left the firm in September 2022.

Tax > International tax Tier 2

Shearman & Sterling LLP is well-regarded for its cross-border tax capabilities with advice provided to a variety of clients from local and global corporates to financial institutions. The team works with investment banking firms and other financial advisors to develop tax-efficient structures for financings, hybrid securities, acquisitions, joint ventures and other investments. Larry Crouch heads the tax team and has extensive transactional experience in matters involving international transactions, M&A, capital markets and joint ventures. Kristen Garry routinely advises on structured finance transactions while Jay Singer focuses on spin-off transactions. Lorenz Haselberger‘s client list includes banks, hedge funds, fintech companies and cryptocurrency custodians. All lawyers are based in New York.

Tax > US taxes: non-contentious Tier 2

Shearman & Sterling LLP is noted for its representation of multinational companies in cross-border M&A and financial offerings, as well as private equity and sovereign wealth fund clients on formation and investment issues. Practice head Larry Crouch – who splits his time between New York and Menlo Park – is a seasoned transactional tax expert with experience in matters involving M&A, capital markets, and joint ventures. Crouch is also co-head of the firm’s REIT group, an area in which New York-based Derek Kershaw is also excels. Washington DC-based Jay Singer is praised for his strengths in spin-offs and internal restructurings, while in Dallas, Ryan Bray is a regular port of call for emerging growth companies and their founders on various tax-related issues. Also recommended is Todd Lowther in Houston, whose focus is on the taxation of natural resources and other transactions common in the petroleum sector. Recent team changes include New York-based Lorenz Haselberger‘s promotion to partnership in July 2022, and Michael Shulman‘s departure in October 2022.

Antitrust > Merger control Tier 3

Offering strength in complex and contentious merger proceedings on both sides of the Atlantic, the team at Shearman & Sterling LLP  works with major US and global clients, often on a hired-gun basis, to secure approvals for deals in a diverse range of sectors, including aerospace and defense, tech, media, and financial services. The practice has deep agency experience, including former senior DOJ and FTC officials, allowing it to advise clients on agency strategy throughout Second Request proceedings and other high-stakes merger investigations and litigation. The firm handled two standout mandates for JetBlue in 2022, representing the client against the DOJ’s challenge to its alliance with American Airlines, as well as advising on its $3.8bn takeover bid for Spirit Airlines, both significant cases for key senior lawyer Jessica Delbaum . A former Chief of Staff at the Antitrust Division, global antitrust head David Higbee is noted for his expertise in regulated industry deals, representing clients before US and international antitrust agencies, while Ben Gris is another active member of the team, previously Assistant Director of the FTC’s Bureau of Competition and focusing on merger-related investigations and litigation. All lawyers mentioned are in Washington DC. Ryan Shores has left the firm.

Dispute resolution > Corporate investigations and white-collar criminal defense

Shearman & Sterling LLP fields a team that consists of former enforcement attorneys and federal prosecutors. Experienced in financial, securities and antitrust regulation, the practice is well positioned to handle parallel investigations by enforcement agencies and federal regulators including the SEC and DOJ. Trial lawyer Stephen Fishbein and managing partner Adam Hakki, both based in the firm’s New York office, lead the practice jointly with Patrick Robbins in San Francisco, whose areas of focus include foreign corrupt practices, accounting and securities fraud as well as insider trading. Also in New York, John Nathanson represents companies and individuals in internal investigations and civil securities litigation, while Katherine Stoller is a key contact for allegations of financial crime.

Energy > Energy transactions: oil and gas Tier 3

Shearman & Sterling LLP’s acts for large-scale energy companies, private equity funds, portfolio company management teams, state-owned oil and gas companies and financial institutions on upstream, midstream and downstream mandates. Praised for her ‘phenomenal work ethic, knowledge and commercial sense’, practice leader Sarah McLean spearheads the firm’s private equity group, handling acquisition, divestitures and joint ventures for energy clients, while head of the global energy innovation practice Omar Sanji advises on M&A, joint ventures, project development and debt financing matters. Hugh Tucker and Coleson Bruce left the firm in June 2022.

Finance > Commercial lending Tier 3

Shearman & Sterling LLP is active on both sides of financings, and particularly notable for advising lenders on investment-grade and leveraged transactions, with Citigroup and Credit Suisse standout names among a client list composed largely of major banks, while the team has also extended its offering to a growing list of alternative lenders in recent years. These clients most frequently consult the team, which works closely with its peer office in London, on domestic and cross-border acquisition financings. Situated on the East Coast, the team is co-led from New York by Alan Rockwell, who regularly represents the firm’s major banking clients in acquisition finance negotiations, and Michael Chernick, who frequently advises on incremental financings. Also in New York, Maura O’Sullivan is a key contact for cross-border leveraged loans. Tomasz Kulawik, who divides his time between New York and DC, is also recommended.

Finance > Project finance

The project development and finance team at Shearman & Sterling LLP is particularly notable for its infrastructure and PPP work for public authorities, with clients including the US Department of Transport, the US Department of Energy, and the Environmental Protection Agency (EPA). Practice head Cynthia Urda Kassis has particular expertise in the mining and metals sectors. Paul Epstein has broad expertise encompassing toll roads, rail lines, ports, and airports, as well as projects in the energy sector, and is well-versed in refinancings and concession agreements. He advises on complex and high-value financing issues, with notable support from senior associate Jackson Murley. Gregory Tan and Robert Freedman left the practice in May 2022. All mentioned lawyers are based in New York.    

Finance > Structured finance: derivatives and structured products Tier 3

Shearman & Sterling LLP acts for US and multinational financial institutions, private equity houses, hedge funds, asset managers and market infrastructure providers on a broad range of derivatives and structured products mandates, often involving cross-border elements. Key areas of expertise include equity financing transactions involving equity derivatives and margin loans, digital assets including cryptocurrencies and related technological infrastructure, as well as regulatory compliance issues. The New York-based team is led by Donna Parisi, who assists clients with the development and structuring of new financial products, in addition to over-the-counter derivatives transactions across the full spectrum of asset classes. Geoffrey Goldman handles credit and equity derivatives mandates, as well as regulatory issues, while Azam Aziz advises on the structuring and documentation of over-the-counter derivatives products. Counsel Kerri Durso is another key member of the team.

Real estate > Real estate finance Tier 3

Antitrust > Cartel Tier 4

Shearman & Sterling LLP represents corporate and individual clients in domestic and international cartel investigations as well as civil litigation, with notable expertise in transatlantic matters. The firm has a particularly strong offering within the financial sector, counting major US and international financial institutions and financial services providers among its clients. Washington DC-based David Higbee and Djordje Petkoski co-head the team alongside San Francisco’s Patrick Robbins. Higbee is a former Antitrust Division litigator and frequently acts on matters before the DOJ and the FTC, and Petkoski’s practice focuses on criminal and internal investigations. Robbins specializes in criminal cartel litigation and has a strong record in successfully defending individual executives in governmental investigations.

Energy > Energy transactions: electric power Tier 4

Energy > Renewable/alternative power Tier 4

Shearman & Sterling LLP's project development and finance team, led by Cynthia Urda Kassis since the departures of Gregory Tan and Robert Freedman in May 2022, provides support across the full life-cycle of projects in wind, solar, hydrogen, and other renewables. Energy innovation practice head Omar Samji is a key contact for hydrogen projects work, and splits his time between New York and Houston, where Gabriel Salinas is particularly noted for his work in green hydrogen. Also recommended is Augusto Ruiloba, who was promoted to partnership in July 2022. All named lawyers are based in New York, except where otherwise noted.

Investment fund formation and management > Mutual/registered/exchange-traded funds Tier 4

Shearman & Sterling LLP fields a team which works seamlessly alongside groups in Hong Kong, Tokyo, and the UK to provide comprehensive support on both cross-border and domestic US matters. The group caters to traditional mutual fund firms, as well as specialized vehicles such as SPACs and BDCs and innovative registered investment companies. The US group, which is based in New York, is led by Paul Schreiber, who has extensive experience in the practice area, and is one of the original founders of the investment funds practice. Counsel Thomas Majewski is also a key contact, and represents investment funds on all aspects of the business, including fund formation, regulatory matters, and SEC registration.

M&A/corporate and commercial > M&A: large deals ($1bn+) Tier 4

Delivering multi-jurisdictional and multi-disciplinary advice, Shearman & Sterling LLP is highly capable in the full gamut of M&A matters, including high-profile company deals, joint ventures, and carve-out transactions. Scott Petepiece – Americas team head – concentrates on large-scale M&A in the infrastructure, energy and manufacturing industries, while deputy leader Daniel Litowitz has worked on sector-defining deals in the worlds of media, telecoms, healthcare and consumer goods; both practitioners are based in New York. In the same office, George Casey enjoys a strong reputation in this space, advising on restructurings, joint ventures, and acquisitions, which are also among Clare O’Brien‘s notable areas of practice. The firm offers further transactional experience in Texas and the Bay Area, with a special emphasis on core industries like technology and energy. Daniel Mitz in Menlo Park is recommended for his knowledge of tech transactions.

Real estate Tier 4

Shearman & Sterling LLP is noted for its representation of landlords and tenants in every type of leasing transaction, including headquarters office leases and ground leases, as well as sale-leasebacks and other structured transactions. Kris Ferranti leads the practice from New York and is highly active in acquisitions, dispositions, development projects, foreign investment, financings and ground and space leasing. In the same office, Lisa Brill acts for institutional investors and real estate operating companies in the investment, ownership and development of real estate.

Tax > US taxes: contentious Tier 4

Shearman & Sterling LLP has particular strength in international and cross-border matters, and advises US and foreign clients in a range of areas such as transfer pricing disputes, tax accounting methods, and tax treatment of financial products. The team, based in Washington DC, includes tax litigator Kristen Garry, who has experience handling IRS audits and administrative appeals, and of counsel Robert Rudnick, whose specialty is tax controversy at the administrative level. Richard Gagnon has experience representing prominent clients in federal courts, and in administrative proceedings before the IRS and DOJ.

Dispute resolution > International arbitration Tier 5

With a focus on construction, technology, life sciences and investment cases, Shearman & Sterling LLP's international arbitration group is equipped to manage both complex commercial and investment treaty arbitrations. In Washington DC, Christopher Ryan provides 'thoughtful, commercial and excellent advice' and routinely handles arbitral proceedings involving the construction, infrastructure, mining, and energy sectors. New York-based of counsel Henry Weisburg is noted for his broad practice scope, which spans investment, project and financial disputes, among others.

Finance > Financial services regulation Tier 5

Based in New York, Shearman & Sterling LLP‘s financial institutions advisory and regulatory practice exhibits extensive experience dealing with core bank regulatory issues, with a further emphasis on broker-dealer compliance and enforcement. Mark Chorazak and Jennifer Morton are key figures in this regard, covering issues derived from US banking laws such as the Dodd-Frank Act and the Bank Holding Act as well as fintech and financial innovation matters. Morton is best known for her work with broker-dealers, addressing concerns in relation to the formation and registration of alternative trading systems.

Finance > Restructuring (including bankruptcy): corporate Tier 5

Investment fund formation and management > Private equity funds (including venture capital) Tier 5

Media, technology and telecoms > Advertising and marketing: litigation

Latin America: International firms > Banking and finance Tier 1

Shearman & Sterling LLP has a longstanding presence in the Latin America market, with its banking and finance practice often leading the way in acquisition finance, export finance, structured finance, corporate lending, and restructurings and refinancing. It represents a range of financial institutions, corporates and private equity funds; clients include Barclays, JP Morgan, BNP Paribas, Banamex and Transelec. The team is largely located in New York with support from its established São Paulo office. Denise Grant leads the bank finance, project development and finance practice, and has a long history in Latin America financings, which includes extensive geographic coverage in the region. Promoted to the partnership in 2022, dual-qualified (New York/Peru) Augusto Ruiloba is another key member of the team and is particularly noted for acquisition financings in the mining, energy and other sectors. Cynthia Urda Kassis is a leading name in metals and mining finance.

Latin America: International firms > Projects and energy Tier 2

Shearman & Sterling LLP has a long history in Latin America energy and infrastructure projects. It continues to be especially active in Chile, where it has worked on a series of major projects (including desalination plants, electric generation, power and renewables projects); more generally, it works extensively throughout the Latin America region - including Central America, Dominican Republic and Argentina. Its wider practice ranges from power and renewables to mining and natural resources, oil and gas, and transport infrastructure projects. The Latin America team has an impressive mix of sponsor/borrower, investor and lender clients, including commercial banks, DFIs and MLAs. Cynthia Urda Kassis is the global leader of the firm’s project development and finance practice, with much of her focus on the Americas in their entirety; she is a recognised authority in the mining and metals sector, along with energy and infrastructure. Dual-qualified (Peru/New York) Augusto Ruiloba was elected to the partnership in June 2022 and has worked on headline deals in Chile, Panama and across the region. Robert O’Leary was promoted to counsel the same month; a fluent Spanish speaker, he is heavily focused on Latin America. Alexandro Padrés  and Gregory Tan left the firm in mid 2022. Since the conclusion of research, the firm has announced its merger with Allen & Overy LLP to form A&O Shearman; the realisation of this combination remains in process and it is not yet possible to gauge its full impact.

Latin America: International firms > Capital markets Tier 3

Shearman & Sterling LLP has a tremendous history in Latin America capital markets transactions, though its senior echelon has been depleted in recent years with the retirement of Stuart Fleischmann in January 2022 and the departure of key partner Grissel Mercado and counsel Maria Larsen in 2023. Former department head Antonia Stolper remains an active member of the department as of counsel, with New York’s Manuel Orillac and Sao Paulo-based Roberta Cherman now leading the Latin America capital markets group. This has allowed the firm to continue to land big engagements such as advising the Brazilian state-owned BNDES Participações as selling shareholder in the $6.9bn offering of shares issued by Centrais Elétricas Brasileiras (Eletrobras). The practice has also continued to impress in ESG and sustainability-linked offerings, such as Globo Comunicação e Participações’ offering of $400m sustainability-linked notes. Sao Paulo counsel Jonathan Lewis is another key member of the team. Since the conclusion of research, the team has been notably strengthened with the August 2023 hire of former Linklaters LLP counsel, Alejandro Gordano, as a partner; having led much of the work at his former firm, Gordano is particulary experienced in ESG-segment capital markets mandates.  

Latin America: International firms > International arbitration

Shearman & Sterling LLP‘s long history in Latin America, coupled with its global standing in international arbitration, provides a solid platform for its Latin America arbitration practice. The firm is particularly noted for construction cases, along with energy, mining and telecoms, and -more generally- has a fine record in both investment treaty and commercial arbitrations; it is also recognised for its expertise in the enforcement of arbitral awards. Washington DC and New York-based Christopher Ryan is an experienced international arbitration specialist with a significant focus on Latin America. Washington DC associate Anna Stockamore is another key figure in the team. In May 2023 the firm announced its merger with Allen & Overy LLP to form A&O Shearman; the realisation of this combination remains in process and it is not yet possible to gauge its full impact.