Shearman & Sterling has overhauled its New York banking and finance capabilities, combining them into a single practice area in an effort to bolster profitability.
London managing partner Kenneth MacRitchie said a similar structure was likely to be introduced in London within the next one to two years, once the group reached critical mass.
The reshape has seen the bank finance, structured finance, and project development and finance groups in New York combined into a single 50-lawyer ‘finance group’ led by partner Bill Hirschberg.
The office’s three former practice area heads have had their roles downgraded to ‘product area’ heads, reporting to Hirschberg.
Hirschberg said the restructuring was initiated in response to consolidation within the finance industry, and was being used as a pilot to improve profitability for the firm’s 19 other offices globally.
London’s finance capabilities are currently split between leveraged finance, structured finance and project finance, led by Anthony Ward, Julian Tucker and Nicholas Buckworth respectively.