In an undisclosed but substantial transition, a group of lawyers from Shearman & Sterling’s Paris office is joining Proskauer Rose, a prominent New York-founded law firm. This move involves 15 attorneys who are accompanying four partners in their shifts.
Key Figures in the Transition
Among the prominent figures in this move are Xavier Norlain, formerly the head of Shearman’s Paris office, and the private equity transactional partners Jeremy Scemama, Maud Manon, and Matthieu Lampel, all of whom have now become part of the Proskauer team.
Earlier Reports and Media Coverage
This significant development was initially reported in other media outlets earlier this month, although the precise number of lawyers involved had remained undisclosed.
Timing and Context
This transition coincides with Shearman’s preparations for a merger with the London-founded firm Allen & Overy. The merger process includes partner voting, set to commence on Thursday and expected to conclude by October 13.
The Expertise of the Four Partners
Notably, the four partners specializing in M&A, leveraged finance, and restructuring joined Shearman in the fall of 2021, having previously been part of the DLA Piper team in France.
High-Profile Clientele
As highlighted on Proskauer’s website, all four partners boast a client roster with prominent names such as private equity firm Carlyle Group and the French national investment bank Bpifrance. Xavier Norlain emphasized aligning his team’s practice area and client base with Proskauer, calling it a “perfect match.”
Proskauer’s Ambitious Plans
Proskauer has set ambitious goals for its Paris office, aiming to replicate its success in London. The firm focuses in Paris on private capital and asset management. Proskauer has a team of over 800 lawyers, with over 130 based in its London office. In Paris, the office now includes the new partners and comprises approximately 35 lawyers.
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Amicable Departures and Changing Landscape
Shearman & Sterling characterized the departures as “amicable.” Norlain pointed out that the impending merger with Allen & Overy had shifted the outlook for opportunities for his team. He noted that Proskauer aligns better with their goals in France.
Contrasting Office Sizes
According to its website, Allen & Overy already maintains a substantial presence in Paris, boasting around 140 lawyers. This contrasts with Shearman’s smaller Paris office, which lists fewer than 30 lawyers.
Ongoing Departures from Shearman
It’s important to note that Shearman & Sterling has seen teams and individual lawyers depart to rival firms in the United States and internationally over the past year.
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