Allen & Overy and Shearman & Sterling Partners Approve Merger
Partners at two notable global law firms, Allen & Overy and Shearman & Sterling on Friday voted to approve the merger of the two firms to form the third-largest integrated law firm in the world, with combined revenues of approximately $3.5 billion.
A&O Shearman, the firm resulting from the merger, has roughly 3,900 lawyers, according to Bloomberg Law. The merger, which was approved by 99% of Partners of the merging law firms, comes after months of both firms exploring the option of a combination to give A&O a foothold in the United States and Shearman the opportunity to increase its share of the legal services market after a decline.
“This is a historic moment for both firms and our profession,” Wim Dejonghe, A&O’s senior partner, said in a statement announcing the vote results.
“We are delighted that our partners have voted so resoundingly in favor of this merger, which is a transformational step for the legal industry.”
Dejonghe and Khalid Garousha, A&O’s managing partner, will lead the newly combined firm, according to Bloomberg, citing sources familiar with the situation. Adam Hakki, Shearman’s senior partner, is also expected to play a role in the new firm’s leadership.
