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Shearman & Sterling has seen its London turnover rise 20 per cent after the firm’s new senior partner Creighton Condon pushed forward a three-year growth plan.
The firm’s London office saw its turnover grow from $112.6m to $134.8m during the year, The Lawyer can reveal, while its global revenue inched up 9.1 per cent to $820.5m. Firmwide profit per equity partner (PEP) at the firm rose 18.4 per cent to $1.8m.
EMEA managing partner Nick Buckworth credited the increase on the firm’s global three-year growth plan, which was spearheaded by the firm’s former European chief Creighton Condon after he was made senior partner in 2012 (2 May 2012).
One of the major features of the three-year plan, now in its second year, has been to shift the focus away from personal billings to a “greater commitment to clients”, with a higher level of compensation rewarded to the latter.
“It’s about setting the right tone so people are confident that if they contribute and make the self sacrifice to be part of a team, even if it’s not their own client, that performance will be rewarded,” explained Buckworth.
The London office had a particularly strong year in high-yield and finance, Buckworth added, with litigation targeted as an area of expansion.
Major hires for the office included a three-strong private equity team from Weil Gotshal & Manges, including high-profile partner Mark Soundy (15 May 2013). The move was effectively a London practice launch for Shearman, which only carried out a small amount of private equity work in the City through corporate partner Jeremy Kutner.
”This firm has had the courage, with new leadership, to say we’ve had a bumpy few years and we’re going to fix that,” closed Buckworth. “I wouldn’t be so arrogant to say we have fixed it, but we’ve definitely made a good start. As with all turnarounds, the momentum that builds up is the thing that carries you forward.”
There are not understood to be any special bonuses on the back of the financial results.