Shearman & Sterling

The Legal Cheek View

Since 2010 revenue in Shearman & Sterling’s London office has grown by a whopping 63% to hit £136 million. So while the firm has deep roots in London, which date back to 1972, it’s now a very different proposition to even a decade ago. What’s more, senior partner Creighton Condon has earmarked the UK as a place for further expansion, commenting earlier this year that in spite of Brexit, “We see room for growth in London”.

Condon’s words followed the announcement that Shearman’s most recent profit per equity partner figure had jumped by 18% to a massive $2.165 million (£1.74 million) on the back of a sustained period of global revenue growth. Leading UK firms, few of which can match these numbers, may be looking over the shoulders nervously. Certainly, the top law students in this country are looking ever more to the likes of Shearman, which raised its newly qualified solicitor pay rate this year to a cool £105,000.

A training framework that is as well developed as most UK firms is perhaps as important as the cash, with Shearman among the highest rated US outfits for training in the Legal Cheek Trainee and Junior Lawyer Survey 2017-18.

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Key Info

Training contracts 15
Latest trainee retention rate 75%
Offices 20
Countries 17
Minimum A-level requirement AAB
Minimum degree requirement 2:1

Insider Scorecard

Training
A
Quality of work
A
Peer support
A
Partner approach-ability
B
Work/life balance
C
Perks
A*
Office
B
Canteen
n/a
Social life
B

Insider Scorecard Grades range from A* to D and are derived from the Legal Cheek Trainee and Junior Lawyer Survey 2017-18 of over 2,000 trainees and junior associates at the leading law firms in the UK.

Hours

Average arrival time 9:33am
Average leave time 8:17pm
Annual target hours No targets
Annual leave 24 days

Money

First year trainee salary £45,000
Second year trainee salary £50,000
Newly qualified salary £105,000
Profit per equity partner £1,740,000
GDL grant £8000
LPC grant £8000

Diversity

UK female associates 54%
UK female partners 17%
UK BME associates 19%
UK BME partners 13%

Universities Current Trainees Attended

The Firm In Its Own Words