Shearman & Sterling has made its global general counsel redundant as it continues to cut costs as part of a major reorganisation.
John Shutkin’s general counsel and risk management role will be shared between a number of partners globally, with New York arbitration partner Henry Weisburg overseeing the function after Shutkin leaves in June.
Shutkin said: ”If it were up to me I’d stay here. I’m leaving because they’ve decided to eliminate the position.”
A Shearman spokesperson said the move is part of the firm’s reorganisation.
The move to abolish former ;KPMG ;general counsel Shutkin’s role takes place against the backdrop of a major revamp of Shearman’s global management ;function, ;which reduced the firm’s executive committee from six partners to three, as reported on www.thelawyer.com (18 April), as well as Shearman’s entire German Mannheim office of 30 lawyers going independent, as reported on www.the lawyer.com (22 April).
The Mannheim office is understood to have been the second most profitable German ;location ;for Shearman.
German co-managing partner Harald Selzner said: “The German practice still consists of Düsseldorf, Frankfurt and Munich and we’ve developed enormous clout there, particularly in transactional areas.”
He added that Shearman in Germany would continue to focus on European integration.
Shearman’s Mannheim partners ;declined ;to comment.