Shearman’s City office breaks through $100m in revenues

Shearman & Sterling’s London revenues rose 4.5 per cent in 2010, with the US firm breaking through the $100m barrier in the City for the first time.

London income was up from $99.7m in 2009 to $104.2 in 2010, though average headcount throughout the year fell from 108.5 to 111.5

Despite a strong performance in London the firm’s overall global revenue took another tumble, dropping 8 per cent from $801m to $737m.

The firm saw a 9.8 per cent drop in its global profit per equity partner figure, which was down from $1.735m to $1.565m. Global revenue per lawyer was also down, dropping 5.6 per cent from $982,581 to $927,044. The total number of lawyers increased from 795 to 815.

Last week Shearman snapped up a 17-lawyer antitrust and competition team from Howrey’s Brussels office (23 February 2011).