In Major Overhaul, Biglaw Firm Creates Two-Tier Partnership To Boost Profits

This is a pretty bold move.

onSeptember 23, 2016 at 11:54 AMSeptember 23, 2016 at 1:21 PM

SHEARMAN & STERLING — FIRM-WIDE EMAIL — ACCELERATING OUR STRATEGY

We would like to inform you about some positive steps the firm is taking to reinforce and accelerate the implementation of our global business strategy. We believe these moves will strengthen our partnership and strongly position the firm for growth.

The firm has decided to create a new non-equity partner role to help us grow the partnership. This approach, adopted by a high percentage of the Am Law 100 and most global law firms, will allow junior partners to grow into equity partnership and facilitate the continued growth of our practices across our global platform. These changes are part of a process of strengthening our equity partnership and more fairly rewarding partners at all levels.

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We also plan to consolidate our many practice groups to create a more efficient practice group and management structure. This structure will allow us to serve our clients better by improving collaboration and resource-sharing, and by relieving some of the administrative burdens on our partners. Details about the new practice structure will be announced in due course.

We believe these developments will provide significant benefits and opportunities for all of us at the firm. We thank everyone for their dedication and many contributions. Let’s continue to work together to extend the legacy of this great firm and our tradition of outstanding client service.

Staci Zaretsky is an editor at Above the Law. Feel free to email her with any tips, questions, or comments. Follow her on Twitter or connect with her on LinkedIn.