“The practice is becoming more direct,” insists Georg Thoma, cohead of Shearman Germany and the practice’s chief M&A rainmaker. “More direct” is a euphemism for “leaner, with more partner involvement in deals.” Thoma’s message, which he keeps coming back to, is that Shearman Germany is a “refreshed place,” a more collegial practice than it has been for years. “We’ve achieved a lot, and our successes over the last 18 years give us solid ground to build on, especially in times of recession,” he stresses. The firm’s revenues in Germany have also proved remarkably resilient. Last year, the firm says, its German gross was up 5 percent, to €105 million ($139 million), despite a stream of partner departures and worsening economic conditions. But the long-standing problem for Shearman remains: Has the firm built a sustainable practice or a big stage for a single star?
Think Shearman Germany, and many German lawyers think of one man: Georg Thoma. Thoma’s connections to clients such as insurance giant Allianz SE, The Goldman Sachs Group, Inc., and German car maker Daimler AG have brought the firm a succession of billion-dollar deals. The most recent was announced in March, when Shearman advised Abu Dhabi-based investment company Aabar Investments in the acquisition of a 9.1 percent stake in Daimler for $2.6 billion. Last September it acted on another prized mandate when a Shearman team advised Allianz on the disposal of the insurer’s investment banking business Dresdner Bank AG to Commerzbank AG for $14.5 billion. The firm has also been acting for Hypo Real Estate Holding AG on a series of measures to save the stricken financial institution–one of the highest-profile legal assignments to arise in Germany out of the current financial crisis.
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