According to rumors on the Tubes (it’s not a truck!), Shearman & Sterling is laying off administrative staff today.
Lawyers are apparently unaffected. An official announcement is expected tomorrow.
If you know anything about layoffs at Shearman & Sterling, please send us a confidential tip!
Two weeks ago, Shearman & Sterling reported a 4.9% drop in revenues to $876 million for 2008, and a 9.6% fall in profits per equity partner, to $1.665 million. Revenue per lawyer remained above the million-dollar mark.
Shearman & Sterling LLP is a law firm headquartered in New York City, with 19 offices located in major financial centers around the world. It was founded in 1873.
As of 2006, it was the 17th largest law firm in the world as measured by 2006 annual revenue. Shearman & Sterling is a white shoe firm, the equivalent of the Magic Circle in the UK.