Shearman pulls out of Düsseldorf and Munich with office closures

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  • Frankly this was only a matter of time...

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  • This was always on the cards - it was never a profitable part of the firm. Not convinced just slashing and burning is what's required either...

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  • not a convincing argument. Elite?

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  • Those with own clients will shift shop, the others will have to move with Georg Thoma to Frankfurt, always the weakest of their German offices. Let's see who in Frankfurt will have to go to make room for Thoma's following ...

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  • Frankly, this is a very smart move. The old argument that you need 3 offices in Germany because of its regional economies doesn't make sense for a global law firm, especially one that is focussed on high value cross-border M&A/corp fin and litigation.

    The real question is how soon before other UK and US firms see that S&S is not just cutting costs but leading the way.

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  • Elite? The best people ran away already. Rather a global issue.

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  • Even for a global law firm it makes sense to have more than one office in Germany. All magic circle law firms do and they are globally more present than the Wall-Street law firms. S&S Germany has been very successful in the past with clients like Allianz, E.ON, Axel Springer, etc. whereas its US offices were suffering in the financial crisis and are far away from the top. The one office approach might work for top firms like Skadden or Sullivan but not for S&S since the referral work is not sufficient.

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  • The move does not make sense unless the bride is getting ready for a merger...

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  • Well, it is hardly the "elite" they keep in Frankfurt and they might have just kicked out partners now that would have escaped in due course anyway, but they sold it on a true notion. As an international law firm in Germany, you need nothing but a good office in Frankfurt. May by S. had no choice than this now, but other who have might come to the same conclusion soon.

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