According to online sources, New York’s Shearman & Sterling is laying off 5% of its litigation associates, plus associates in other practice groups.
According to the rumor, the firm is characterizing the firings as merit-based.
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.