London’s Allen & Overy to Merge With Shearman & Sterling (1)
Summary
Law firms Allen & Overy and Shearman & Sterling are set to merge, creating a massive new competitor in the legal industry. The deal gives UK-founded Allen & Overy a much larger footprint stateside, as some of London’s top firms also seek to boost their presence in the US. “We have listened to our clients and their requests for the highest quality advice to help navigate the demands they face, and to do so in an integrated and globally consistent way,” Wim Dejonghe, Allen & Overy’s senior partner, said in a statement. It brought in nearly $2.7 billion in gross revenue last year and more than $2.4 million in profits per equity partner, according to data from the American Lawyer. The firm tallied more than $1 billion in gross revenue over the year and more than $3 million in profits per equity partner.