On the face of it, Allen & Overy and Shearman & Sterling’s merger announcement makes total sense and represents an exciting industry game changer. It’s only when you look a little closer that it appears a little bit risky.
The argument in favor of a deal is undeniable. A&O Shearman: even the name feels pretty natural already. Both are firms with well-known brands and largely complementary regional operations. After such a long wait for a top-tier transatlantic merger this one suddenly feels like it should have been done years ago.