Shearman global profits steady as London powers ahead

Shearman & Sterling has recorded a 6.8 per cent increase in global revenues, with turnover reaching $780m for 2004.

Sources within the New York firm report that turnover rose to $780m last year, up from $730 in 2003, with profits hovering at a provisional US$1.1m.

The firm’s London office put in one of the best performances in the firm's global network, turning over $110m compared with $85m in 2003.

One partner said: “ It’s been a good performance across the board. M&A has had an excellent year as has project finance, acquisition finance and capital markets came back.”