Allen & Overy Announces $3.4 Billion Merger With Shearman & Sterling
In one of the biggest transatlantic legal deals in history, UK 'magic circle' law firm Allen & Overy has announced a merger with New York's Shearman & Sterling.
The merger, which will be subject to a vote by partners at both firms, will create the third-largest law firm in the world with combined revenues of approximately $3.4 billion. The new firm will retain 3,9000 lawyers across 49 offices and boast equal capabilities in US, English and local law, operating under the name Allen Overy Shearman Sterling, or A&O Shearman for short.
The firms’ combination is expected to accelerate mutual growth strategies. Shearman & Sterling will gain access to a global network of practices, while Allen & Overy will gain expanded access to a corporate client base in the US.
“This combination of two great firms is such an exciting step for us,” said Wim Dejonghe, senior partner at Allen & Overy. “Both firms have a history of excellence, and together we think A&O Shearman will be a firm unlike any other in the world. We have listened to our clients and their requests for the highest quality advice to help navigate the demands they face, and to do so in an integrated and globally consistent way.”
Adam Hakki, senior partner at Shearman & Sterling, also hailed the merger. “This is truly a game-changing moment for both firms that will create an unparalleled offering for our clients. It is also a fantastic opportunity for our people to be part of a transformative transaction and an institution of such significance, and we look forward to recruiting even more stellar talent in the coming years,” he said.