Law Firm Merger Mania:
Allen & Overy + Shearman & Sterling = A&S&S??
The Lawyer reports that Allen & Overy might be in merger talks with Shearman & Sterling:
A&O is occasionally tempted by the thought of a market-busting merger. It approached Freshfields back in 2006, as exclusively revealed in The Lawyer (see story).Senior partner David Morley is moving to New York next week for three months (see story). This is being taken in New York as proof that a deal is in the offing.
A&O has nicked a whole load of Shearman’s Germans - though by rights this ought to rule out a deal with the rest of the firm.
Shearman needs help. (Actually, this is incontrovertible.)
After the jump, could this actually happen?
This would be a mega-deal. Let me translate the rumor into American English so everybody can play along:
A&O gotta eat and Shearman needs to get the paper. OG D-More already ganked the Heinekens and now he’s coming for the whole store. Holla back.
We previously reported that Allen & Overy is a revenue monster. They ranked 6th on the recently released Global 100 firms in terms of revenue. Shearman & Sterling ranked 25th on the same list, but that was down from their 2007 ranking.
Many tipsters think that A&O is in a very secure position. One tipster reports:
[W]e posted over $2 billion in revenue, had more profit coming from non-London offices than ever in the past, and continued to make ground on global elite competitors with 17% growth in profits out of New York this past year.
Meanwhile, Shearman is generally thought to be facing strong headwinds. They dropped precipitously in the Vault rankings this year, down to 19th. But they are still a major player. They represented Merrill Lynch in the recent BoA / Merrill merger.
A huge deal like this might make up for all the merger rumors that have failed to pan out.
A&O, Shearman to merge? [The Lawyer]
(78) Comments
Comments
firsty
WHICH FIRMS ARE GETTING THE CITI / WELLS FARGO / WACHOVIA LITIGATION BUSINESS?
Although this seems speculative, is there any indication whether A&O will be acquiring S&S's NY office or whether the firms' offices will be merging.
Hey, it spells out "A S S!"
LOLOLOLOLOLOLOLOLOLOL!
Elie's sense of humor rules!
2, Shearman & Shearman & Sterling reps one of them.
2 - sullcrom, wachtell, boies schiller, and dpw
Elie Mystal is so fat Sarah Palin can see him from Alaska.
Elie Mystal is so fat John McCain opposed him as wasteful pork.
Elie Mystal is so fat Joe Biden said "That's not change, that's a LOT more of the same."
Elie Mystal is so fat he owes the IRS over $200,000 in back fat taxes.
2 - David Boies
Heineken is not German.
merger is laugher.
2 - Greg Joseph (formerly of FF) is counsel to Citi
Who is representing Wachovia?
This is pure b.s. And I don't know who said S&S is facing strong headwind -- S&S has been involved in a bunch of huge deals recently (Dow, Merrill, Hexion, ...) and people are generally pretty busy.
Elie Mystal's attempt to sound ghetto is so pathetic it makes Barack Obama look three quarters black. Holla back.
-7
O'Melveny & Meyers isn't really a player in this market, but they sure have some hot associates:
http://www.omm.com/brookecucinella/
2 - http://www.istockanalyst.com/article/viewiStockNews+articleid_2681074.html
14: I'm sorry this girl won't date you, give the time of day, or potentially just screwed you over in a way that was different from what you wanted. But, you should stop trying to harrass her via ATL.
"But they are still a major player."
Where's the comma?
Can you PLEASE ditch that fricking "Tying the Knot" picture? It wasn't funny the first time, and it certainly doesn't need to be run on every merger article.
Elie Mystal is so fat when he lays around the house it takes up two states.
http://www.newsday.com/news/local/suffolk/ny-limyst0916,0,1055583.story
16: I doubt 14 has ever met her. Instead, he probably just doesn't get out much and to him beauty is a novelty.
I considered writing something meaner, but I think that really does the job well enough.
Seriously, complain about writing style, story choices, blatant partisan attacks that have nothing to do with the law, but there is no need to make ad hominem attacks about Elie's weight.
Commenters on this blog have odd fixations (and taste) when it comes to looks. One person today pretended he sees at least 20 hot women a day in Manhatten. Let's not kid ourselves. And now, attorneys want to attack Elie as if that particular commenter has six pack abs, all of his hair, and is not throwing around money and an ivy league degree on a Friday night in an effort to impress because he knows he loses on attractiveness.
20: 16 here, and you're probably right. I gave the guy too much credit. And, I applaud your restraint.
LMFAO at Heineken supposedly being German, unless the S&S netherlands office is what we're talking about here?
Were you trying to say "Heinrich"? Either way please correct before 800 subsequent commeners call for you to be draw & quartered.
As far as I could tell from the Vault rankings, SS moved up to 14 from 15. Can Elie be this bad?
STB - wachovia
16, 20, & 22 = same guy; just wanted someone to tell him nice pwn for once. Well done, sir, well done.
24 - you need to check the 2009 rankings.
does FDIC have counsel in this Wachovia thing?
14 - you're a tool for sweating a 6.
21 - What? How can you spend ~10 hours in Manhattan and NOT see 20 hot women? Where do you hang out?
23: irony?
30- aren't we all hanging out in our offices?
AllenSherman.com is gone.
Hmmmmmm!
I heard that Wachovia, Citi, and the FDIC all tried to hire WILDMAN HARROLD.
why is it incontrovertible that shearman needs help? everyone hates on shearman, but nobody explains exactly why
33: Allen Sherman was the original Weird Al. Grow Elie Mystal, fatter, fatter, pile the potatoes on your platter....
It's also shearman not sherman
It's also shearman not sherman
21: The "one person today" was me, and I didn't say "hot." I might see 1-3 "hot" (9+) girls in a normal work day, and 20+ pretty (7+) girls.
I used to have abs, now a very slighty belly. Still have all of my hair. I definitely don't throw around money, because there's always a cute girl who'll go home with you for free, or (more often than you'd think) buy you drinks. And, I don't have an Ivy League education.
But really, come on, Elie Mystal has more fat the revised bailout. I'd tell you to just get over it, but I doubt your mountain climbing skills are that good.
-7 (and also 20)
39: 21 here and I wasn't really referring to you when I was making statements about bald, pudgy, throw-money-around-ivy lawyers. I was more referring to the ones who make statements about banging Kash, etc. Also, I can definitely appreciate your pun about mountain climbing skills. I'm fairly fit, but everyone has to know their limits.
where is all this talk about problems at shearman coming from??? i havent heard a thing...
Can anybody offer anything a little bit more credible as to whether this is legit? I'm considering offers for next summer from both of these firms and would really appreciate any help anyone can provide.
41 - S&S was ranked 8 in the Vault guide in 2001 vault guide and is now at 19 (note that no other firm has left the V10 since). Also, last summer they way over-hired.
43 - so how bad would you say it is, outside of the vault rankings. is a summer offer from them worthless?
what are the reasons behind their huge fall in ranking?
45 - they fired 10% (or more) of their associates during the 2001 downturn. turned out to be not such a great move in the long run.
So a fall in Vault ranking is the prime reason why S&S should pursue a merger? Don't be ridiculous.
46 - I can't believe people still mention the 2001 layoffs. Skadden did the same, as did many firms.
I wish Elie had posted the full article from the Lawyer's website. Despite their claims to having "excellent evidence," it seems like this is nothing but hot air (or British tabloid sensationalism). Judge for yourselves.
Allen & Overy in talks with Shearman & Sterling?
We're only asking.
The rumours in New York are beginning to mount. Shearman sources deny it, though another source close to the firm did admit that "it would make good sense". Another spluttered: "there is absolutely nothing there."
In the meantime, we've rustled up some excellent evidence.
A&O is occasionally tempted by the thought of a market-busting merger. It approached Freshfields back in 2006, as exclusively revealed in The Lawyer (see story).
Senior partner David Morley is moving to New York next week for three months (see story). This is being taken in New York as proof that a deal is in the offing.
A&O has nicked a whole load of Shearman's Germans - though by rights this ought to rule out a deal with the rest of the firm.
Shearman needs help. (Actually, this is incontrovertible.)
No wonder half of New York is cheering A&O on from the sidelines. And they say the Brits are gossips.
Go, David, go!
I can only speak as a law student, but at my t-10 Shearman is the ultimate backup. Nobody shoots for it, they only settle for it.
It has a very poor reputation for quality of life, and very low prestige amongst law students.
shearman is my first choice and i'm at a t5.
Whatever happened to S&S's Menlo Park office? Seems like it never got larger. I thought they were trying to build an IP lit practice there, but then all IP lit partners left and Vicki Veenker, the sole remaining holdout, was de-equitized and stays on as of counsel while she is GC of a pro women's soccer league.
Anyone have the scoop? Thanks.
16, 20, 22: Nicely done. 14 is a total scum. And what a pointless post. It's not like there aren't plenty of other hot women at OMM:
http://www.omm.com/lizdubeck/
51: must have terrible grades/personality and a healthy dose of denial.
54 didn't get the offer from Shearman- tough luck pal
Nah--54 has it right. Shearman is an unselective shithole
Guess 56 didnt either
How do you guys think this would affect the culture of A&O's New York office. I have heard great things about its culture but horrible things about S&S's.
52. They're building that office around their hot shot tax partner and his practice.
Wow, who knew S&S had rejected so many frustrated law students this year. Tough luck losers.
58 - Great things? Look they are profitable, but I know 2 associates who billed over 2300 hours last year and they are f'n miserable. It doesn't matter where you work, if you are billing 2300 hours a year your firm doesn't have "great culture" regardless of how many times they wipe your ass for you when you go to the bathroom
How is Clifford Chance doing in NY after the merger with Roger & Wells?
RE 61:
In the Mid-Level Associates Survey they rate so well, I think like 15 or so. I have heard that they have relatively laid back hours relative to most firms. In fact, the survey listed an average of 54 hours/week worked which seems pretty nice compared to some other firms. Would you disagree?
I like the name Sterling Overy myself. Perhaps they could pick up some surrogate-motherhood business.
shearman hands out callbacks like halloween candy, but they are stingy with offers. i'm at a t-10, and they gave around 10 offers to mostly LR people.
60
Judging by their class size, they didn't reject anybody this year.
65
If that's true, then those 10 LR people must have turned down their crappy offers for DP and Shearman filled in those spots with a few more summers from Fordham.
Judging by their summer class size last year, a huge number of people wanted to work for Shearman (i.e. much more than they anticipated). 66 is in denial
Judging by their summer class size last year, a huge number of people wanted to work for Shearman (i.e. much more than they anticipated). 66 is in denial
I used to have abs, now a very slighty belly.
__________________________________________
Are you from India? Your diction seems very Indian.
61 - 54 billable hours a week? Do the math... 56 weeks times 54 billable hours = 2,740 billable hours a year... and if you meant 54 hours a week... period, between billable and not billable... well that my friend is a myth anywhere in biglaw.
61 - 54 billable hours a week? Do the math... 56 weeks times 54 billable hours = 3,024 (mistyped it into the calculator) billable hours a year... and if you meant 54 hours a week... period, between billable and not billable... well that my friend is a myth anywhere in biglaw.
Except that there are only 52 weeks in a year here on earth. Well-executed criticism there, 71.
and you have to take into account vacation weeks
Vacation at most big-law shops? Bahaha.
71 works at DLA Piper where he or she was denied a bonus for failing to work the required 56 hours a year.
59 you are hilarious.
LOL,
New to the scene - loving "ATL" - it makes second year law go a lot faster. I have accepted an offer at Shearman, and pretty happy about it. People there seem to enjoy their work and their lives.
Can someone explain what the bias is against Shearman? Why have people not liked it in the past?
LOL,
New to the scene - loving "ATL" - it makes second year law go a lot faster. I have accepted an offer at Shearman, and pretty happy about it. People there seem to enjoy their work and their lives.
Can someone explain what the bias is against Shearman? Why have people not liked it in the past?