Shearman corporate head quits for Weil

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  • peter king

    unsurprising really, Shearmans were always more of a finance firm.

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  • weils

    But so is Weil Gotshal.

    What is it with people leaving magic circle firms and ending up going from one US firm to the next...?

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  • Shearman's corporate

    I don't know how much it really matters - I've never done a deal with Shearman's on the other side.

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  • King

    It makes one wonder. Shearmans hire lots of big name M&A stars in London over the years and one by one they all leave. Is that backpedalling because of a strategic miscalculation and or is it just plain bad luck?

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  • Peter King

    It won't really have a market impact. Nice bloke that he is, his dealflow sort of dropped off after he left Links.

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  • US firms

    It is funny that once magic circle partners have gone from the magic circle, they tend to move more than once.

    Leaving the magic circle to go to a US firm is a bit like leaving your wife: it’s hard to do it the first time, but when you've done it once, it gets much easier after that.

    The reality is that once there, US firms' London offices are playing second fiddle to New York. They can’t make local partners up and big support from NY doesn’t materialise.
    And US firms in London will never have all the support services and departments that the magic circle has.

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  • King

    Certainly speaks to the manner in which the Firm is mis-managed - look for many more departures to come!

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  • The Shearman brand

    I don’t get any sense of recognition of reality among partners of that firm, never mind a sense of urgency that they realise that to some extent their brand is damaged goods vis a vis where it was 10-15 years ago. I don’t get any sense that they’re trying to address things in a real, concerted way.

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  • Stronger than expected - ?

    I’m not that familiar with the London office but in New York they seem to have stemmed the bleeding somehow.

    Shearman is always a place that candidates want to look at and equally you’d think it would be very fertile ground for people like me to get people out of, but we haven’t managed to budge anybody.

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