Firm Profile > Shearman & Sterling LLP > Austin, United States

Shearman & Sterling LLP > The Legal 500 Rankings

Antitrust > Civil litigation/class actions: defense Tier 1

Shearman & Sterling LLP's antitrust litigation team is well represented on both the East and West Coast, with offices in Washington DC, New York and San Francisco. The department fields a wide variety of industry expertise with a specific focus on financial services, healthcare and technology sectors. Specific strong suits include the defense of clients in cases related to alleged price-fixing and boycott. David Higbee , in Washington DC, is in charge of the global as well as the US antitrust practice. In New York, Adam Hakki is the key contact, in particular for his involvement in numerous benchmarking matters related to the financial industry, and Richard Schwed leads the litigation practice group, which involves a significant amount of antitrust cases. The San Francisco-based John Cove represents clients in monopolization cases, direct and indirect purchaser class action, and unfair competition actions.

Dispute resolution > Securities litigation: defense Tier 1

'The firm has few peers in the underwriter space in securities litigation', remarks a client of Shearman & Sterling LLP. Known for its securities litigation, investigation and enforcement capability, it has a deep bench of seasoned litigators who have acted in some of the most significant cases in recent history. Its track record has made it a “go-to” practice for complex, high profile and high-stakes matters in the pharmaceutical and financial institution space. Best known for advising investment banks as underwriters in securities class actions, it also represents corporations, boards of directors and special committees, and individuals from a diverse range of industry sectors. Viacom and CEMEX are among its corporate clients. Adam Hakki, who is 'an excellent lawyer who really pulls the whole group together' and Richard Schwed in New York, along with Patrick Robbins in San Francisco, lead the firm's litigation practice, in which New York-based Daniel Lewis, who has 'a measured style and communicates very clearly', and Lyle Roberts in Washington DC are among the other key partners. Agnès Dunogué is an up-and-coming partner in New York.

Finance > Project finance

Shearman & Sterling LLP's already strong projects team has increased its marketshare of the oil and gas space through the launch of an office in Houston. In doing so, the firm made several key hires which have already paid dividends through an increase in oil and gas related work, as demonstrated by its advice to Ecopetrol on its shale joint venture with Occidental Petroleum. The arrival of Hugh Tucker, Coleson Bruce, and Jeremy Kennedy from Baker Botts L.L.P. and Omar Samji and Sarah McLean from Jones Day and Thompson & Knight LLP respectively was a major statement of intent. A further opening in Dallas is likely to cement the firm's arrival in Texas and its overall energy expertise, with conventional power and renewables major staples of the firm. In this respect, New York-based practice head Gregory Tan, and fellow partners Cynthia Urda Kassis, Robert Freedman, and Alexandro Padrés are all well-established players, representing sponsors and lenders both at home and abroad (in Latin America in particular).

Tax > Financial products Tier 1

At Shearman & Sterling LLP, Kristen Garry - head of the firm's Washington DC office - is a key name for handling work concerning the tax aspects of structured debt, among other matters. Also in the DC office, Nathan Tasso is sought by bank and non-bank clients to advise both on transactional tax matters and tax controversies. Michael Shulman heads the firm's wider tax practice in the New York office. Robert Rudnick has retired from the partnership and moved into an of counsel role.

Dispute resolution > General commercial disputes Tier 2

Highly regarded for its financial litigation, Shearman & Sterling LLP regularly acts as trial counsel for major corporations and banks in high-value disputes. The firm excels in securities and M&A litigation, while also keeping abreast of the growing market in trade secrets disputes. In this area, the firm secured a $44m jury verdict following a 12-day trial in Chicago for leading fintech software and services company SS&C Technologies in litigation alleging misappropriation of trade secrets against Clearwater Analytics. From the New York office, managing partner of the firm and global head of litigation Adam Hakki represents a number of the biggest names in global banking. Recently, his work has included defending Citigroup against Colombian sugar and ethanol producer Mayagüez, which alleges fraudulent inducement related to a foreign currency transaction; Agnès Dunogué also led on this matter. Global litigation practice group leaders Patrick Robbins in San Francisco and Richard Schwed in New York are also key names. Banking and securities expert Jaculin Aaron retired in December 2018, while securities and antitrust class action specialist Michael Mitchell recently made partner in the DC office.

Dispute resolution > International litigation Tier 2

Shearman & Sterling LLP has a reputation for representing corporations and financial institutions in bet-the-company litigation around the world. The department also specializes in investigation and enforcement issues, where it benefits from the experience of several team members who have formerly served as government prosecutors and regulators. The group prides itself on handling high-profile securities and trading market cases. New York-based Adam Hakki is the name to note in this space; Hakki serves as global managing partner and jointly leads the litigation group with Patrick Robbins and Richard Schwed, in San Francisco and New York, respectively.

Dispute resolution > M&A litigation: defense Tier 2

Shearman & Sterling LLP's litigation practice has a broad range of experience in securities, criminal law enforcement, antitrust, commercial disputes, intellectual property and arbitration. As part of this practice, M&A litigation is a prime focus, and the firm has regularly represented parties in major deal-related trials in state and federal courts. Litigators work closely with transactional lawyers in structuring deals in order to be ready for any resulting litigation, with significant trial experience should matters proceed that far. Whether it is in contested mergers, hostile takeovers, proxy contests, appraisal cases, shareholder class actions, derivative actions or de-merger conflicts, the firm frequently acts for both global financial institutions and large corporations. Global managing partner Adam Hakki and Richard Schwed in New York and Patrick Robbins in San Francisco are the lead litigators. Also recommended in New York are veteran partner Alan Goudiss, Paula Anderson and up-and-coming partner Mallory Brennan.

Finance > Capital markets: debt offerings

Shearman & Sterling LLP fields a robust underwriter-side practice, which frequently advises major global financial institutions on US and cross-border debt offerings. The firm has also made significant inroads into the issuer-side market of late, with recent representations of household-name corporations and sponsors operating in the financial services, life sciences, healthcare and energy spheres. Alongside its transactional practice, the group houses a solid regulatory offering which routinely advises public companies on SEC reporting and disclosure obligations and corporate governance matters. Jonathan DeSantis leads the capital markets team for the Americas and his practice spans a range of debt capital markets and finance matters. Industrials group head Lisa Jacobs is also recommended and advises issuers and underwriters on investment grade debt offerings, medium-term note offerings, global bond offerings, and foreign and domestic private offerings. Additional contacts include increasingly prominent younger partner Merritt Johnson and Jason Lehner, who splits his time between New York and Toronto. All named lawyers are based in New York, unless otherwise stated.

Finance > Capital markets: equity offerings

‘Committed, responsive and effective’, Shearman & Sterling LLP is best known for its reputation on the underwriter side, where it leverages the firm’s institutional banking relationships to advise on a steady stream of IPOs, equity offerings and regulatory issues. While not as prolific on the company side, the New York-based group does also act for corporate issuers, particularly in relation to cross-border offerings. Healthcare specialist Ilir Mujalovic is recommended for equity deals and stands out for his ‘second-to-none work ethic’. Harald Halbhuber is another key contact and regularly advises both issuers and managers on equity offerings. Merritt Johnson continues to raise his profile in the capital markets arena and has built up a solid record in IPOs and secondary offerings. Jonathan DeSantis leads the capital markets group for the Americas and is noted for his experience in IPOs.

Finance > Capital markets: global offerings

Shearman & Sterling LLP’s global capital markets practice works closely with its leveraged finance and corporate governance teams to provide comprehensive transactional and regulatory coverage of securities issues. On the debt side, the New York-based group is distinguished by its ability to draw on the firm’s signature finance offering for support on highly structured transactions. On the equity front, the firm is frequently involved in global IPOs, with a particularly strong track record in European and Latin American markets. Traditionally best known for its links with underwriters — and it retains close relationships with major global financial institutions such as Credit Suisse, Morgan Stanley and Goldman Sachs — the team acts for a growing number of corporate issuers globally. Finance specialist Jonathan DeSantis leads the Americas capital markets practice and has an emphasis on advising underwriters on investment grade and high-yield debt offerings. Mining expert Jason Lehner splits his time between Toronto and New York and has a focus on advising on Canadian capital markets issuances, with a strong record in debt transactions. Antonia Stolper, who heads the Latin America affinity group, and Harald Halbhuber are also key contacts.

Finance > Capital markets: high-yield

The ‘extremely responsive’ team at Shearman & Sterling LLP impresses with its ‘very knowledgeable and very commercial lawyers’. Widely recognized among the most active underwriter-side firms, the New York-based group routinely advises major global financial institutions on domestic and cross-border offerings. The team also leverages the wider firm’s diverse corporate client base to continue to raise its profile in issuer-side work, with recent strong showings in the chemicals, construction, energy, financial services and technology sectors. Jonathan DeSantis leads the capital markets team for the Americas and his practice spans a varied mix of financing transactions, including high-yield bond offerings and leveraged finance deals. Jason Lehner splits his time between New York and Toronto and has a focus on Canadian-related capital markets transactions — he also advises on corporate governance matters. Up-and-coming partner Merritt Johnson is ‘excellent’ and primarily represents financial institution clients, including Goldman Sachs and Morgan Stanley, on high-yield debt offerings.

Finance > Commercial lending

Shearman & Sterling LLP is a mainstay of the New York finance market, where it has established extremely strong relationships with financial institutions, as well as an increasing number of direct lenders. The team expanded significantly in 2019 following the arrival of former Allen & Overy LLP partners Michael Chernick and Alan Rockwell, who both have long track records serving the market. Rockwell joins the highly rated Maura O’Sullivan as practice head, adding weight to a team that includes global co-head of leveraged finance Joshua Thompson. The team, which also includes the well regarded capital markets expert Jonathan DeSantis, works closely with colleagues in key regions such as Europe and Asia. The firm also offers corporate and private equity borrowers a strong range of expertise, with Gus Atiyah coming highly recommended.

Finance > Structured finance: derivatives and structured products Tier 2

Shearman & Sterling LLP's global finance business unit is headed by Donna Parisi, a go-to advisor to major investment banks on issues ranging from sovereign debt through to margin requirements and the creation of novel structured products. Geoffrey Goldman acts for clients including leading transatlantic exchanges and clearing house, and also has experience structuring OTC derivatives, particularly credit and equity derivatives. Buy-side clients include well known hedge and private equity funds, as well as major corporates.

Industry focus > Energy transactions: oil and gas Tier 2

Forming an integral part of the firm's overarching global practice group (which includes practitioners in situ in key energy centres throughout the Middle East, Europe and Asia), Shearman & Sterling LLP's 'very knowledgeable and well articulated' 60-strong US-based oil and gas team draws together a multi-disciplinary team of lawyers with significant industry knowledge across public and private M&A, joint ventures, banking/project finance, capital markets and restructuring. The 'excellent' Hugh Tucker  heads up the firm's strategically important Houston offering which continues its upward trajectory with the recent arrivals of energy restructuring experts Ian Roberts  and Luckey McDowell from Baker Botts L.L.P. in mid-2019. Although the team is adept at handling work throughout the value chain, it has been particularly active of late on some major midstream mandates, including Sarah McLean's recent representation of Oryx Midstream on its $3.6bn sale to Stonepeak Infrastructure. Coleson Bruce  is particularly recommended for his work on behalf of transactions involving foreign first-time entrants to the US energy sector.

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

Working in tandem with the firm’s corporate governance partners, Shearman & Sterling LLP’s New York-based compensation team represents private and publicly-listed companies in high-stakes negotiations concerning executive compensation (both equity-based and deferred), retention and succession arrangements. Securities expert Gillian Emmett Moldowan is the go-to name for advice on proxy disclosure rules, which is also applicable to the executive compensation aspects of capital markets transactions. Leveraging the firm’s broad international presence, practice head Doreen Lilienfeld and Kenneth Laverriere lead on large-cap, and often cross-border, M&A transactions for multinational corporate clients across sectors as diverse as financial services, consumer goods, electronics, media and pharmaceuticals. The team also acts for C-suite employees and management teams during company acquisitions and disposals.

M&A/corporate and commercial > M&A: large deals ($1bn+) Tier 2

Shearman & Sterling LLP is active in high-profile large-cap M&A, and has taken central roles in several impressive transactions in 2019. Practice heads George Casey and Scott Petepiece have both had strong years, advising on deals in several industries, including defense, media, and chemicals. Casey was a lead partner on the split of Dow from DowDuPont, a transaction totaling $130bn, and Petepiece represented CPPIB in the acquisition of Pattern Energy for $6.1bn. Another major transaction for the firm was the $93bn merger of Raytheon with United Technologies, forming the second-largest defense company globally; Clare O’Brien acted as lead counsel to Raytheon in this matter. The team utilizes the firm's full-service capabilities in its transactional work, handling the full range of tax, antitrust, and other regulatory aspects of deals. The full-service offering and global platform come to the fore in complex cross-border mandates in particular, an example of which is the Dow transaction, which involved 35 jurisdictions worldwide.

Tax > International tax Tier 2

Shearman & Sterling LLP specializes in cross-border M&A, tax-efficient investment structures, and expatriate taxation, among other international tax matters. New York practice co-head Michael Shulman has particular expertise in the taxation of financial instruments and real estate transactions, and is also a contact for investment management-related taxation. Global tax head and Bay Area office head Laurence Crouch divides his time between San Francisco and Menlo Park, and recently handled multibillion-dollar deals for Canada Pension Plan Investment Board and Salesforce. Washington DC-based Jay Singer joined from McDermott Will & Emery LLP in September 2019. Ethan Harris left for a position at Deloitte in May 2019.

Tax > US taxes: non-contentious Tier 2

Shearman & Sterling LLP's nationwide tax practice is jointly led by Michael Shulman in New York and Laurence Crouch in San Francisco. Shulman provides comprehensive tax advice on corporate acquisitions, restructurings and spin-offs, while Crouch handles tax planning for M&A transactions, as well as major joint ventures. In the Washington DC office, Nathan Tasso advises investment banks and other financial institutions on the tax aspects of financial transactions, and Jay Singer, who joined the firm from McDermott Will & Emery LLP, is routinely involved in large-scale internal restructurings and spin-off transactions. Ethan Harris left the DC office for Deloitte in May 2019.

Antitrust > Merger control Tier 3

Shearman & Sterling LLP takes pride in its transatlantic full-service antitrust practice, with the US team closely interlinked with the firm's offices in London and Brussels. Clients have the option to use the firm's innovative merger matrix tool to identify likely filing obligations before turning to New York-based department head David Higbee and his team for tailored advice. The group covers a wide array of industries ranging from media, energy and food to technology and pharmaceuticals. New York-based Jessica Delbaum primarily defends multinationals' mergers and acquisitions before the FTC and DOJ. Ben Gris in Washington DC provides key support in investigations and litigation surrounding mergers and acquisitions.

Dispute resolution > Corporate investigations and white-collar criminal defense

Shearman & Sterling LLP's group excels in handling high-profile domestic and cross-border investigations and litigation, drawing on a deep bench of former enforcement attorneys and practitioners with government experience. Financial and securities regulation are particular areas of expertise, and lawyers are regularly engaged for parallel SEC and DOJ investigations and proceedings. Co-leading the department in New York are, Stephen Fishbein (experienced in fraud and insider trading cases), the firm's global managing partner Adam Hakki, who focuses on securities and corporate governance matters and securities expert John Nathanson; while Patrick Robbins co-leads from San Francisco, where he handles a wide diet of FCPA, accounting and securities fraud, insider trading and healthcare violations work. Christopher LaVigne, who is based out of Washington DC, specialises in regulatory enforcement matters and internal investigations.

Dispute resolution > Financial services litigation Tier 3

Shearman & Sterling LLP represents major financial institutions in benchmark rate cases, RMBS litigation and investigations and enforcement actions. Adam Hakki acts for numerous major investment banks in securities cases and investigations brought by the DOJ, SEC and FINRA. Among his recent wins, Hakki successfully defended Bank of America Merrill Lynch against a claim alleging collusion in the manipulation of the London Silver Fix. San Francisco-based Patrick Robbins represents D&Os, companies and employees in antitrust litigation, securities fraud, FCPA disputes and various other white-collar crime cases, and Richard Schwed is also recognized for his experience in investigations and disputes relating to antitrust and securities law. Agnès Dunogué is another of the firm's securities specialists; she represents Barclays and Nomura in a series of RMBS cases, and recently secured a victory for Citigroup in a securities class action. Adam Schwartz and counsel Sara Raisner joined the firm in 2019 from Paul, Weiss, Rifkind, Wharton & Garrison LLP and FINRA, respectively. All named attorneys are based in New York.

Dispute resolution > International arbitration Tier 3

Shearman & Sterling LLP is perhaps best known for its experience in the construction sector, but the team is equally adept at acting in international commercial- and investment treaty arbitrations for clients in the areas of mining and natural resources, energy, financial services, and chemicals. The US-based team is led out of New York by Henry Weisburg, and focuses on matters relating to the Americas. However, the team is an integral part of the firm-wide arbitration practice, and often acts on global matters in conjunction with its colleagues in Paris, London, and Abu Dhabi. The group has presence in Washington DC as well, where Christopher Ryan and Jonathan Greenblatt are the key contacts. Also recommended is New York-based Daniel Reich, who has had recent strong showings in post-M&A arbitration.

Investment funds > Mutual/registered/exchange-traded funds Tier 3

Shearman & Sterling LLP acts for traditional mutual funds, registered funds, alternative asset managers, and exchange traded funds, and also has experience in the formation and operation of BDCs. Practice head Nathan Greene is a name to note for advice on the regulatory aspects of fund and investment advisory operations, the formation and representation of US and foreign investment companies, sponsors, advisers and directors, and oversees M&A of fund companies. Jay Baris also has a strong focus on transactional work; working alongside Greene, he has been especially active advising on regulatory issues relating to blockchain, big data and cryptocurrency as they relate to mutual funds. Also recommended is Thomas Majewski, who counsels independent directors on their fiduciary responsibilities, and also advises on general governance matters. All named lawyers are based in the firm's New York office.

Real estate > Real estate Tier 3

Under the leadership of New York-based Malcolm Montgomery, the 'well-rounded' team Shearman & Sterling LLP handles an impressive amount of joint venture work, delivering expertise in the formation of limited liability companies, partnerships and other ownership programs. Also active on the leasing front, the group represents landlord and tenants in all forms of leasing transactions from HQ offices and ground leases through to sale and leasebacks. The team also handles acquisitions and dispositions and is recognized for its strength in complex finance work, spanning structured finance and bank lending work. In line with its reputation for finance work, the team acts for a litany of domestic banks, as well as lending institutions from Canada, Mexico and Germany.

Antitrust > Cartel Tier 4

Shearman & Sterling LLP represents clients from a myriad of industry sectors in cartel investigations before the DOJ and the European Commission. The antitrust department is spearheaded by a foursome: David Higbee and Djordje Petkoski in Washington DC, Adam Hakki in New York, and Patrick Robbins in San Francisco. Cartel investigation matters are primarily handled by the group in the capital, displaying industry know-how in pharmaceuticals, aerospace and defense as well as oil and gas. Petkoski specializes in criminal antitrust matters and Higbee also fields internal investigation expertise. In October 2019, Ryan Shores took up a position with the DOJ.

Industry focus > Energy: renewable/alternative power Tier 4

Combining strong product expertise in relation to M&A, banking and capital markets, with underlying industry knowledge across the spectrum of renewable energy sources, Shearman & Sterling LLP is well-placed to serve a diverse roster of clients engaged in domestic and international transactions. As well as handling a significant volume of private placement debt work in the space, the team has also advised the lenders on the financing of numerous renewables portfolio transactions. New York-based partner Gregory Tan is global head of the firm's project development and finance group, and alongside Robert Freedman regularly handles solar, wind and hydro-related new money deals and restructurings.

Investment funds > Alternative/hedge funds Tier 4

The alternative and hedge fund practice at Shearman & Sterling LLP is weighted towards advising alternative and hedge fund managers on ongoing operational, regulatory, and transactional, matters, with considerable experience in complying with the EU’s Alternative Investment Fund Managers Directive. The firm also advise on derivatives and credit transactions. The ‘extremely knowledgeable’ John (Sean) Finley, formerly in-house at Caxton Associates, has managed account arrangements, seeding and placement arrangements, and spin-outs. Paul Schreiber focuses on formation, and Nathan Greene and Ted Randolph are active in the regulatory and transactional space. Laura Friedrich represents institutional investors and major fund managers (such as Credit Suisse), and has particular expertise in Latin America-facing work.

Investment funds > Private equity funds (including venture capital) Tier 4

Shearman & Sterling LLP advises managers and investors on the full range of private equity fund matters, with a particular focus on real estate private equity and financial institution-backed funds. The firm has a very strong global presence, and is routinely engaged in funds matters involving Latin America, Europe and Asia. A key figure in the team is practice head Laura Friedrich, who has recently advised on a number of fund formations ranging from the middle-market to multibillion-dollar raisings. Friedrich is also recognized for her strong repertoire of Latin American clients. Also recommended is Sean Finley, who led multiple transactions for TRG Management over the past year, including a secondary transaction and the launch of a fund focusing on emerging markets in Central and Eastern Europe.

Tax > US taxes: contentious Tier 4

Shearman & Sterling LLP handles IRS audits and federal tax disputes relating to international corporate reorganizations and transfer pricing matters, as well as tax accounting methods. The team also has experience of criminal tax investigations and Congressional hearings. Robert Rudnick and Kristen Garry  are names to note in Washington DC; the two are representing the estate of the founder of Monster.com in a string of related proceedings both in Tax Court and at the Court of Appeals, having secured initial victory in a case of first impression. New York-based Michael Shulman leads the wider tax group, and routinely handles the tax aspects of large M&A, restructurings, and spin-offs.

Finance > Financial services regulation Tier 5

Based in New York, Shearman & Sterling LLP's practice focuses predominantly on banking regulation and broker-deal regulatory matters. On the broker-dealer side, team lead Russell Sacks is a trusted advisor to SIFMA, which he recently assisted with the development of its new rules on block trading and front-running. Sacks is also known for advising boutique investment banks on regulatory issues and compliance. On the banking side, 'very well-rounded' partner Reena Agrawal Sahni routinely handles Volcker Rule compliance, M&A and incorporation of new entities in the US.  In addition, Agrawal Sahni has advised clients facing investigations and regulatory enforcement actions arising from issues such as anti-money laundering. Counsel Jennifer Morton is another contact in the broker-dealer practice.

Finance > Restructuring (including bankruptcy): corporate Tier 5

Shearman & Sterling LLP's financial restructuring and insolvency group in New York, Houston, and Washington DC has a strong national and international presence. This and its strong ties with the London office allow it to act on different cross-border deals in Latin America, Europe, and Asia. The department, led by Fredric Sosnick, is particularly sought after for power and oil and gas cases, as well as in the natural resources field. Ned Schodek is a star partner who advises on prepackaged and traditional Chapter 11 cases as well as out-of-court workouts and DIP financings. Luckey McDowell and Ian Roberts joined in late spring 2019 from Baker Botts L.L.P.

Industry focus > Energy transactions: conventional power Tier 5

Primarily based out of the firm's New York office and also able to leverage international resources from across the EMEA region, Shearman & Sterling LLP is well-placed to advise strategic investors, funds, and lenders across the spectrum of domestic and cross-border power projects from a finance, M&A and restructuring perspective. The firm is particularly strong at handling project finance-related work for commercial lenders, as well as development banks and multilateral institutions. New York-based partner Gregory Tan is one of the primary contacts.

Finance > Structured finance: securitization