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Pending Partnership Approval, A&O Shearman Gears Up for Transformation
Overview
A proposed merger between global law firms Allen & Overy (A&O) and Shearman & Sterling is on the cusp of creating a legal juggernaut. With 3,900 lawyers, including around 800 partners, spread across 49 offices worldwide, this union is set to become an industry behemoth, anticipating a staggering annual revenue of $3.4 billion.
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The Merger Buzz
The groundwork for this historic merger was laid in May, which has since generated substantial anticipation. The pivotal moment is approaching, with a partnership vote scheduled from September 28 to October 13.
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Thorough Preparations
A&O Shearman has left no stone unturned in its preparations. They’ve successfully concluded comprehensive financial and operational due diligence, obtained crucial antitrust clearances (with the U.S. waiting period already expired), and finalized essential adjustments to retirement and pension programs. The resolution of pension-related issues was among the last significant hurdles encountered during the negotiations.
Optimism and Collaboration
Wim Dejonghe, a senior partner at A&O, exudes confidence in the merger’s prospects. He highlights the positive reception from clients and colleagues, underlining the collaborative efforts between partner teams from both firms.
The Approval Threshold
The merger’s fate hinges on the partnership vote, where an impressive 75% approval from each firm’s partnership is required. As this pivotal process moves toward its conclusion, both firms are well-wished. The legal landscape may soon witness the emergence of a new top-tier Am Law firm.
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