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

Shearman & Sterling LLP > The Legal 500 Rankings

Dispute resolution > Securities litigation: defense Tier 1

Shearman & Sterling LLP is recognized as one of the pre-eminent firms for securities litigation, investigations, and enforcement actions. The firm has offices across the US, giving it a strong presence in state and federal court actions throughout the country. Best known for its strong relationships with financial institutions, the firm is a key adviser to underwriters, though it frequently acts for corporate issuers in high-stakes matters. For Canadian cannabis company Sundial Growers, the firm secured the dismissal of a securities class action arising from the company’s IPO, which was followed by declines in its stock price. Adam Hakki, who led that case, and Richard Schwed in New York, lead the team along with Patrick Robbins in San Francisco. Agnès Dunogué is an up-and-coming partner in New York, where Grace Lee was promoted to partner in April 2021, as was Mallory Brennan in Houston. Hakki and Lee recently acted for Morgan Stanley in a class action alleging that defendants conspired to fix interest rates of variable rate demand obligations at an artificially high level.

Finance > Project finance

When it comes to working with lenders, Shearman & Sterling LLP sits at the top of the market, representing leading banking clients such as MUFG Bank and DNB in financing transactions relating to the development of power, energy, oil & gas, infrastructure and mining projects. The group also maintains a strong sponsor-side practice, capable of advising both private developers and public authorities on complex infrastructure projects. In a recent highlight, the team represented the US Department of Transportation (DoT) in the $1.3bn SR 400 Express Lanes Project in Atlanta. Paul Epstein  led on the transaction, one of a number of matters he has handled for DoT in recent months. Gregory Tan  continues to lead the global group from the New York office, which also includes metals and mining lead Cynthia Urda Kassis  and energy specialist Robert Freedman , who is the main point of contact for many of the firm's primary banking clients.

Antitrust > Civil litigation/class actions: defense Tier 2

The antitrust group at Shearman & Sterling LLP represents clients in class actions and civil litigation pertaining to market allocation claims, monopolization, price-fixing, and unfair competition. The firm is particularly strong in the financial services sector but also sports extensive antitrust litigation expertise in other industries including technology, media and entertainment, healthcare, and agribusiness. David Higbee (Washington DC) leads the department while Adam Hakki (New York) and Patrick Robbins (San Francisco) are also key contacts of the firm’s antitrust bench. In March 2021, technology sector expert Ryan Shores (Washington DC) rejoined the group after a stint at the DOJ. Clients turn to Richard Schwed (New York) in questions of commodity exchange class action and securities litigation as well as finance-related antitrust matters.

Dispute resolution > General commercial disputes Tier 2

Shearman & Sterling LLP can showcase a series of victories for its clients from a range industries such as automotive, chemicals, healthcare, media and entertainment, medical devices, and technology. The practice is further regularly involved in financial products disputes as well as in breach of contract, fraud, professional malpractice, business torts, and insurance and reinsurance matters. Adam Hakki  in New York is a go-to litigator for financial institutions. Fellow New Yorker Richard Schwed  also covers antitrust and securities disputes. They lead the practice together with San Francisco-based Patrick Robbins. Stephen Fishbein in New York is a contract dispute specialist.

Dispute resolution > International litigation Tier 2

With strong expertise in complex financial products, Shearman & Sterling LLP‘s litigation group is particularly popular among investment banks for securities disputes and class actions. New York-based Adam Hakki and Richard Schwed head the practice alongside Patrick Robbins in San Francisco. Other names to note in New York include Jerry Fortinsky and Brian Burke, particularly for China-related litigation, and Katherine Stoller for both cross-border litigation and enforcement investigations. The group benefits from a number of former federal prosecutors and enforcement lawyers among its ranks, including Washington DC-based antitrust litigator Ryan Shores, who rejoined the practice from the Department of Justice in early 2021. Other additions to the team during 2021 include the arrival in Dallas of commercial and securities litigation and class action defense duo Thad Behrens and Dan Gold from Haynes and Boone, L.L.P. and Austin-based IP litigator Saul Perloff from Norton Rose Fulbright.

Dispute resolution > M&A litigation: defense Tier 2

Shearman & Sterling LLP has a deep bench of lawyers whose practices focus on many related area of law, among them securities, criminal law enforcement, antitrust, commercial disputes, intellectual property and arbitration. The firm is able to handle all aspects of the most complex M&A  and ensuing litigation, with litigators closely involved in deal structuring, pre-trial strategy and the trial process itself, whether in Delaware or in other fora around the country. Global managing partner and head of litigation Adam Hakki has a stellar reputation in both securities litigation and M&A disputes. He leads the M&A litigation practice along with fellow New York partners Paula Anderson, Alan Goudiss and Mallory Brennan. Goudiss and Brennan represented Pattern Energy Group in successfully defeating a putative class action in Delaware arising from its merger agreement with a subsidiary of Canada Pension Plan Investment Board, which was challenged by Water Island Capital.

Finance > Capital markets: debt offerings

Shearman & Sterling LLP

Finance > Capital markets: equity offerings

Shearman & Sterling LLP continues to be amongst the leading firms in underwriter representations, particularly healthcare and SPAC equity offerings. The firm maintains an active presence on the issuer side and is noted for its strength in SEC reporting, disclosure and corporate governance. Ilir Mujalovic leads the capital markets team and is particularly known for his expertise and experience in the healthcare sector, and has made a further impression in SPAC offerings; he recently advised the underwriters of on Lucira Health’s $176m IPO. Lona Nallengara is further noted for issuer-side representations in equity offerings, SEC reporting, disclosure and governance, having previously held senior positions at the SEC. Menlo Park partner Christopher Forrester  is a key figure on the West coast. All named individuals are based in New York unless stated otherwise. Merritt Johnson  has joined Weil, Gotshal & Manges LLP.

Finance > Capital markets: global offerings

Shearman & Sterling LLP is rated for both bank side and issuer engagements, particularly those involving Canadian and Latin America entities. The firm is noted for its record in SEC-registered IPOs and debt offerings, along with Rule 144A/Regulation S offerings and private placements. In Latin America, the firm is also active in the sovereign issuance field. The firm’s well established offices in Toronto and Sao Paulo bring it a wealth of engagements with a number of New York partners and team members also plugged into the Canada and Latin America markets. Latin America giant Stuart Fleischmann retired in January 2022 and Latin America leader Antonia Stolper  has become of counsel. Manuel Orillac  and Grissel Mercado  are now the key New York partners on Latin America deals. Jason Lehner  splits his time between New York and Toronto and is key for Canada offerings.

Finance > Capital markets: high-yield debt offerings

Shearman & Sterling LLP has a well-established high-yield debt practice, with a particularly prolific record on the underwriter side. BofA Securities, Citigroup, Credit Suisse, Goldman Sachs and JP Morgan are amongst its key underwriter clients. The high-yield team is very much part of a thriving leveraged finance practice. Ilir Mujalovic leads the Americas capital markets group and is particularly active in the healthcare sector. Jonathan DeSantis  is another key figure with an excellent reputation and prolific record in representing underwriters and issuers. Jason Lehner provides further senior-level expertise from Toronto. Named individuals are based in New York, unless stated otherwise. Merritt Johnson  has joined Weil, Gotshal & Manges LLP.

Industry focus > Energy transactions: oil and gas Tier 2

Recommended for its ‘depth of experience across the disciplines', Shearman & Sterling LLP provides broad market knowledge that covers upstream, midstream and downstream matters. The firm also has particular expertise in the private equity space, advising sponsors and managers on oil and gas deals. Hugh Tucker focuses on commercial transactions related to the oil and gas, chemical and real estate sectors including acquisitions, divestitures, joint ventures, project development and financing. He co-leads the team from Houston with Sarah McLean, whose forte is private equity transactions - notably portfolio company investments, acquisitions and divestitures of upstream and midstream oil-and-gas assets, and midstream joint ventures. Another key name is Coleson Bruce in Austin, who handles a range of commercial transactions in the energy sector. The team continues to grow and 2021 saw the arrivals of Emily Leitch from Jones Day, Daniel Tristan from Baker Botts L.L.P. and counsel Gabriel Salinas from Avant Energy.

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

Shearman & Sterling LLP fields a team of ‘practical problem solvers’, who have demonstrable experience in handling the executive compensation and employee benefits aspects of high-end M&A transactions and IPOs, which often involve international elements. The firm counts ViacomCBS, Fenway Sports Group and TELUS International among its key list of clients. Doreen Lilienfeld leads the team and advises clients on a range of compensation issues arising out corporate transactions, such as representing Hitachi in its $9.5bn acquisition of GlobalLogic Inc. ‘Skilled M&A advisor’ John Cannon assists start-up companies in the biotechnology sector on compensation matters and management teams in private equity transactions, while Gillian Emmett Moldowan advises on equity-based incentives, deferred compensation programs, as well as retention and severance arrangements.  All named attorneys are based in the firm’s New York office.

Tax > Financial products Tier 2

Shearman & Sterling LLP is praised by clients for ‘tremendous industry knowledge in financial products and a great depth of experience dealing with many clients‘, with a strong track-record in the taxation of innovative financial products; including numerous mandates involving cryptocurrency issues. The key contact for financial product tax is New York’s Michael Shulman, who ‘stays on top of industry developments and new IRS rules and regulations, and takes time to update and educate clients‘. Shulman is a specialist in developing new financial products, as well as advising regulated investment companies on organizational and transactional matters. Also in New York, counsel Lorenz Haselberger is an expert in financial product taxation. In Washington DC, Kristen Garry  has developed a name for the tax aspects of the LIBOR transition, as well as matters pertaining to cryptocurrency. Nathan Tasso departed the firm in March 2021.

Tax > International tax Tier 2

Shearman & Sterling LLP is is noted for strategic tax advisory and planning work in jurisdictions such as the US, UK, Germany, and France, while the team also advises on international tax structuring, restructuring, and tax controversy matters. It also has expertise in cross-border M&A, and has previously advised private equity and sovereign wealth funds. Based in New York, practice co-head Michael Shulman provides tax advice to onshore and offshore investment funds on transactions. Splitting his time between New York and Menlo Park, co-head Larry Crouch deals with transactional work and planning, particularly on behalf of private equity sellers and buyers. In Washington DC Kristen Garry specializes in cross-border structured finance transactions and capital markets offerings, Jay Singer covers international M&A and spin-off transactions, and Kevin Dolan focuses on cross-border tax matters.

Tax > US taxes: non-contentious Tier 2

Jointly led from New York by Michael Shulman and Larry Crouch, Shearman & Sterling LLP is highly rated for its eminent public M&A tax practice, handling a number of financings and transactions with a strong cross-border element. The team also regularly advises a number of private equity and sovereign wealth funds on both formation and investment matters. Shulman is recommended for his expertise in onshore and offshore investment funds, while Crouch – who splits his time between New York and Menlo Park – is a key contact for REIT issues. In Washington DC, Kristen Garry and Jay Singer are noted for their respective strengths in securitizations and spin-offs. Dallas-based Ryan Bray is a key port of call for emerging growth companies seeking assistance with choice-of-entity decisions, financings, and other corporate deals. Julia Pashin left the firm in early 2022.

Antitrust > Merger control Tier 3

Shearman & Sterling LLP handles high-stakes mergers for clients in a number of industries, with notable capabilities in the technology, media & entertainment, chemicals, and minerals sectors, among others. The firm has integrated expertise across merger filings, investigations, and litigation, and also works with clients on regulatory analyses before mergers are put before antitrust authorities. Alongside in-house DOJ and FTC expertise across its bench, the firm also engages regularly with European and UK competition bodies, allowing it to handle cross-border proceedings effectively. The practice is overseen by New York’s Jessica Delbaum, whose work encompasses HSR compliance and filings through to international merger defense proceedings before the DOJ and FTC, alongside Washington DC-based David Higbee, a former high-level DOJ official with strong expertise across government investigations, merger reviews and civil litigation matters for clients in a diverse range of sectors. ‘Persuasive advocate’ Ben Gris was formerly Assistant Director of Trade and Competition at the FTC, and is noted for his focus on merger investigations and litigation.

Dispute resolution > Corporate investigations and white-collar criminal defense

The white-collar defense and investigations team at Shearman & Sterling LLP is well regarded in the market for its expertise in cross-border investigations and litigation. The practice, which includes former federal prosecutors and enforcement attorneys, is led in New York by Adam Hakki and Stephen Fishbein, and in San Francisco by Patrick Robbins. Fishbein is a veteran trial and appellate lawyer, who acts for both corporations and individuals, while Hakki is recommended for DOJ, SEC and FINRA investigations, among others. Robbins is recommended for FCPA matters, antitrust, accounting and securities fraud and insider trading. The team was bolstered in June 2021, with the arrival of Ryan Shores from the DOJ in Washington DC.

Dispute resolution > Financial services litigation Tier 3

Shearman & Sterling LLP‘s financial services litigation practice is highly active in a range of disputes in this space, with a particular focus on antitrust and securities class actions as well as investigations by FINRA and government regulators. The team’s work in securities disputes includes defending banks facing claims for their roles as the underwriters of IPOs and debt offerings. The practice additionally acts for major banks in antitrust actions involving allegations of manipulation of markets in securities as well as rates. In the governmental relations space, the practice handles investigations and prosecutions for banks, broker-dealers and individuals in the financial services sector, providing counsel to clients on investigations by FINRA, SEC, CFTC, and DOJ. The team is led by Adam Hakki and Richard Schwed in New York alongside Patrick Robbins in San Francisco. Hakki handles the firm’s antitrust cases and is also active on investigations, while Daniel Lewis focuses on securities class actions; Grace Lee is another name to note in this area, with both lawyers also based in New York.

Finance > Commercial lending

Primarily operating from New York, the ‘responsive, internationally oriented, competent‘ team at Shearman & Sterling LLP provides advice on leveraged and investment grade financing to a range of clients, though the firm most frequently represents investment banks and alternative lenders. As part of an internationally renowned firm, the team frequently collaborates with peers in the London and Toronto offices to advise on cross-border and multicurrency transactions. Practice heads Maura O’Sullivan  and Alan Rockwell both have strong relationships with some of the biggest financial institutions, representing clients such as Credit Suisse and Bank of America as lead arrangers, administrative agents and underwriters. The practice has been looking to expand following a number of departures in recent years, as can be seen by the arrival of Heather Waters Borthwick in January 2021 and Daniel Tristan in April 2021 from White & Case LLP  and Baker Botts L.L.P. respectively.

Finance > Structured finance: derivatives and structured products Tier 3

Shearman & Sterling LLP focuses on complex cross-border derivatives and structured products mandates, often acting on behalf of US and global financial institutions, corporations, and hedge and private equity funds. Its broad range of work extends to niche specialisms such as crypto-asset derivatives, advising banks on trading issues and custody concerning crypto and digital assets, and advising fintech corporates on regulatory compliance. Based in New York, derivatives team leader Donna Parisi is a key asset regarding derivatives, securitization, and structured products, with particular strengths in the options market and exchange-traded futures. She works alongside Geoffrey Goldman and Kerri Durso, both experts in structuring and documenting over-the-counter derivatives.

Industry focus > Energy: renewable/alternative power Tier 3

The global project development and finance group at Shearman & Sterling LLP is frequently engaged in complex transactions in the renewable energy sector. Providing advice on wind, solar, hydro and other alternative power projects, including green hydrogen and electric vehicles, the practice is skilled at representing sponsors, developers, investors, financial institutions and infrastructure funds in project diligence, financing and M&A throughout the Americas. The department is led from New York by project finance expert Gregory Tan and Robert Freedman, who has combined experience in project finance and development, restructuring of renewable assets and sector-related M&A. Alexandro Padrés , who also sits in New York, has a strong track record of project finance in clean energy projects across Latin America. Augusto Ruiloba in the same office is another practitioner to note for this type of work.

Industry focus > Energy transactions: electric power Tier 3

Providing ‘insight, thoughtful structure and careful diligence’, Shearman & Sterling LLP advises a range of clients including public and private power companies and utilities, commercial banks and investment firms in the conventional power sector. The practice stands out in the finance and project finance areas, and is recommended as ‘clearly amongst the top teams in the industry for advising lenders in conventional power project finance deals’. Project finance expert Gregory Tan co-leads the New York-based team with Robert Freedman, who specializes in conventional and renewable energy projects.

M&A/corporate and commercial > M&A: large deals ($1bn+) Tier 3

Shearman & Sterling LLP is acclaimed for its ‘excellent expertise in complex, multi-jurisdictional transactions’. George Casey, a ‘truly outstanding attorney’, oversees an array of public company acquisitions, strategic investments, joint ventures and carve-out transactions; he co-leads the practice jointly with Scott Petepiece, whose fields of expertise encompass contested transactions, proxy contests and topping bids. The duo operate from New York which is also the home office of Clare O’Brien, whos practice has a particular emphasis on the healthcare, industrials and financial services sectors.

Real estate > Real estate finance Tier 3

Antitrust > Cartel Tier 4

Shearman & Sterling LLP represents clients in international cartel investigations across a number of targeted sectors, including high-profile investigations by the European Commission and DOJ in areas such as interbank rates, auto parts and capacitors manufacturing. The practice represents international companies as well as individuals accused of cartel activity in their roles as executives, and offers significant strength within the financial services sector. The team is led by Washington DC-based David Higbee and Djordje Petkoski, who represent clients in cartel proceedings as well as handling cross-border compliance investigations, alongside San Francisco’s Patrick Robbins, a specialist in individual criminal cartel defense litigation with a successful record in securing acquittals for clients.

Dispute resolution > International arbitration Tier 4

The team at Shearman & Sterling LLP sets itself apart through its 'deep knowledge' and 'practical approach', according to some. Notching up a geographically broad case list, which includes matters involving the US, Latin America and the Middle East, the New York-based group is well-equipped to handle a range of construction disputes, commercial arbitrations and investor-state cases. In Washington DC, the 'proactive and commercial' Christopher Ryan is a key contact for private and state clients looking for support on construction, energy and mining disputes. In New York, Henry Weisburg has a focus on cross-border financial disputes.

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

Shearman & Sterling LLP‘s New York-based US offering works seamlessly with team members in Hong Kong, Tokyo and the UK on both cross-border and locally based matters, including registration, exemption and compliance of fund and advisers; fund and adviser mergers and acquisitions; and structurally novel products to meet market needs. Paul Schreiber, who is one of the original founders of the firm’s investment funds practice, and senior counsel Thomas Majewski are the key contacts – their client base spans traditional mutual funds, innovative registered investment companies designed around complex investment programs, and specialized vehicles such as SPACs and BDCs. The group is noted by one client for being ‘very creative in constructing solutions‘.

Real estate Tier 4

Shearman & Sterling LLP is highlighted for its experience representing landlords and tenants in leasing transactions, including headquarters office leases and ground leases, sale-leasebacks and other structured transactions. It also has strong capabilities in acquisitions, dispositions and joint ventures. Practice head Malcolm Montgomery is primarily known for his real estate finance work. Lisa Brill is a key contact for institutional investors, lenders and other market players in the investment, ownership and development of real estate. Both lawyers are based in New York.

Tax > US taxes: contentious Tier 4

With multidisciplinary experience in areas such as transfer pricing disputes, tax accounting methods, and tax treatment of financial products, Shearman & Sterling LLP represents US and foreign clients before the IRS, US Tax Court, and federal courts. The team is noted for representing clients in front of congressional committees on sensitive criminal tax investigations and tax matters. In Washington DC, Kristen Garry covers tax controversies involving IRS audits and administrative appeals, as well as tax litigation, while counsel Robert Rudnick focuses on tax controversy at the administrative and litigation levels, often acting for clients in the telecoms and hospitality sectors. Richard Gagnon represents both international and US clients before the IRS and DOJ, as well as in federal courts.

Finance > Restructuring (including bankruptcy): corporate Tier 5

Shearman & Sterling LLP has long-standing experience advising clients on an international level, regularly overseeing cross-border transactions in Latin America, Europe and Asia with aspects of US law. Pillars of focus include the US Bankruptcy Code, the Securities Investor Protection Act, the Orderly Liquidation Authority and state insurance insolvency law. The team is led by three partners: Luckey McDowell is well versed in restructurings, and was involved in the Southland Royalty Chapter 11 bankruptcy. Joel Moss advises banks, ad hoc noteholder and lender groups, direct lenders, trading desks and distressed investment funds. Mark Shapiro is renowned for his leadership in Chapter 11 and cross border restructurings. McDowell is based in Dallas; Moss splits his time between both San Francisco and New York whilst Shapiro is based in New York.

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

Finance > Financial services regulation Tier 6