As it struggles to maintain its standing among New York’s elite firms, Shearman & Sterling is trying a new tactic: expanding its nonequity partner ranks. The move will likely increase the firm’s profitability, at least in the short term. But it also carries risks.
Shearman announced last month that it is creating an expanded nonequity partner role for junior partners. The firm has also confirmed that it will be de-equitizing some partners.
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