International law firm Shearman & Sterling has suffered yet another high-profile departure, with partner Garreth Wong leaving to join US competitor Paul Hastings. Wong, part of Shearman’s international arbitration practice, joins the firm weeks after talks broke down with Hogan Lovells over a potential merger.
Wong’s departure is the latest in a string of exits from Shearman & Sterling, particularly outside the US. Helena Potts, another London-based partner, also left to join Paul Hastings earlier this year. In recent months, the firm has seen other top lawyers leave for rivals in Abu Dhabi, Dubai, and Paris, as well as other departures in London. Furthermore, 20 lawyers and advisors, including three partners, left Shearman’s Munich office to start a new office for Morgan, Lewis & Bockius there.
While Shearman has lost some of its top talent in recent months, it has also been hit by the macroeconomic headwinds affecting the legal industry. The firm has laid off 12 associates and 26 business services professionals in the United States.
The loss of key partners has prompted Shearman to reshuffle its remaining staff. Last week, the firm announced that it would be launching an English law practice in London, led by Shearman partners Korey Fevzi and Philip Stopford. The move is reportedly part of a wider strategy to retain talent and better serve its clients.
Despite its challenges, Shearman & Sterling remains one of the leading international law firms, with offices across the Americas, Europe, Asia, and the Middle East. Its lawyers specialize in various practice areas, including litigation, corporate law, finance, and international arbitration.
In contrast, Paul Hastings has been on a hiring spree in London, recruiting some of the top lawyers from its competitors. Earlier this year, the firm hired Jessamy Gallagher and Stuart Rowson, former Linklaters’ infrastructure group co-heads, and two litigation partners from New York. Adding Garreth Wong to the firm’s international arbitration practice is expected to strengthen its position in this highly competitive field.
International arbitration is a specialized area of law that involves resolving disputes between companies or individuals from different countries. It typically involves complex cross-border issues and can be highly contentious. Paul Hastings’ international arbitration practice is well-regarded in the industry and has won numerous awards for its work.
In his online biography, Garreth Wong notes that he advises companies on commercial, construction, and investment treaty arbitrations, as well as multijurisdictional litigation and investigations. His experience will be a valuable asset to Paul Hastings as it seeks to expand its presence in London and beyond.
The legal industry is undergoing significant changes as law firms adapt to new market realities and seek to attract and retain top talent. Shearman & Sterling and Paul Hastings are just two examples of firms responding to these challenges differently. While Shearman has struggled to retain its key partners, Paul Hastings has been able to capitalize on the opportunities presented by the current market conditions. As the legal landscape continues to evolve, it will be interesting to see how other firms respond to these trends and what the future holds for the industry.