Credit: MADMAT / AdobeStock. The Allen & Overy-Shearman Merger and the End of the Magic Circle Era
In Asia, the merger will give Shearman a needed boost in Southeast Asia, where A&O is a recognized leader. And A&O will suddenly have a lot more bargaining power and pitch appeal with Asian clients looking at American matters, as Shearman is still considered Wall Street royalty.
May 23, 2023 at 06:01 PM
6 minute read
International - Asia and Australasia
The original version of this story was published on Law.com International
Credit: MADMAT / AdobeStock.
Allen & Overy is breaking through the Magic Circle glass ceiling, proving once and for all what it has been insisting for a while: it is no longer just one of the Magic Circle quintet.
As anyone who is part of the legal industry undoubtedly knows by now, the British elite firm is merging with Shearman & Sterling, a move the two firms announced over the weekend. Together, they will have more than $3 billion in revenue globally and almost 4,000 lawyers worldwide.
I get it. Allen & Overy wants to be regarded as a true player on U.S. turf, and a merger with Shearman & Sterling will leave all of its Magic Circle peers in the dust, no matter how much money they've poured into their U.S. practices to date.
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