Profits Up and Revenues Down at Shearman & Sterling
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Shearman & Sterling reported that revenues at the firm declined 8.6% to$801 million in 2009. Profits per equity partner increased 4.2% to $1.735 million. Shearman & Sterling were bolstered by their work in the Middle East, Asia, Germany and the auto industry. The firm advised Abu Dhabi interests to buy $2.65 billion in Daimler stock and investing with Daimler in Tesla Motors. It acted for Qatar Investment Authority on investments in Volkswagen and Porsche. The firm also represented China’s Sichuan Tengzhong in the acquisition of Hummer from General Motors. Finally it counseled Germany on the restructuring of GM.

The firm’s capital markets practice was also busy. The firm handled three of the worlds largest IPOs including Brazil’s VisaNet, the underwriters of Santander Brazil and Metallurgical Corp. of China.

Founded in 1873, Shearman & Sterling is a New York City based law firm with around 900 attorneys. The firm has various offices around the world including Washington, D.C., Abu Dhabi, London, San Francisco and Hong Kong.



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