Shearman & Sterling, which had one of the sharpest climbs in profits per partner and revenue per lawyer in 2021 among the Am Law 100, saw its financial performance last year, like many other firms, take a turn.
The New York firm’s revenue plunged 10.6%, dropping below the $1 billion mark it crossed in 2021, landing at $906.9 million last year. Shearman, with a flat head count, saw its revenue per lawyer fall 9.7% to $1.26 million, while its average profits per equity partner, which crossed $3 million for the first time in 2021, dropped 17.5% to $2.48 million in 2022.
Shearman & Sterling financial chart
