Shearmans raids A&O as part of London expansion drive

US firm Shearman & Sterling has poached an Allen & Overy partner as part of a drive to expand its London office.

Marke Raines is joining Shearmans to set up a UK securitisation practice. He is thought to be the first A&O partner to be lured to a top-level New York firm.

Leading banking partner at Shearmans Stephen Mostyn-Williams says: "We will continue to increase the number of partners in the office for a long time."

It currently has 18 partners, 11 of whom trained in the UK.

Mostyn-Williams adds: "We have key practice areas where we are interested in developing our business and we are very interested in recruiting anyone who is top quality in these areas."

Shearmans is on an expansion drive because it has had to turn away work in the past.

Mostyn-Williams says the firm is looking to expand into securitisation, M&A work, debt and equity capital markets business, especially high yield, tax and anti-trust law.