‘A combination at this time is not in the best interest of either firm,’ say duo
News of talks between the US giants emerged in late December, but now the firms have put an end to the idea.
In a joint statement, the duo said:
“As has been widely reported, our firms have been in preliminary and exploratory conversations regarding a possible combination. After careful consideration, we have mutually agreed that a combination at this time is not in the best interest of either firm. We have been deeply impressed with each other’s business, practices and people and wish each other continued success.”
If the Shearman-Hogan Lovells merger had gone ahead it would have created a new US super-firm with revenues in the region of £2.97 billion.
The Legal Cheek Firms Most List 2023 shows Hogan Lovells offers around 50 TCs every year, whilst Shearman takes on roughly 15. Both firms pay their new rookie recruits £50,000 in year one, rising to £55,000 in year two. Hogan Lovells NQs then jump to £107,500. Shearman does not disclose its London NQ rates.
Shearman made the news earlier this week after it was reported that two of its finance partners, Korey Fevzi and Philip Stopford, were leaving to join the London office of fellow US lawyer Cravath. The switch sees Cravath offer English law services in the City for the first time.