Big Law Firm Shearman & Sterling’s Merger Talks Collapse, Announces New Leader

(No Ratings Yet)

Loading...

Shearman & Sterling, a 150-year-old law firm headquartered in New York, has announced a leadership transition. David Beveridge, the outgoing senior partner, will be replaced by Adam Hakki, the firm’s global managing partner and head of disputes and litigation. The transition is expected to be formalized through an election later this year. Beveridge, elected to a six-year term effective March 1, 2018, had already decided not to seek another term when his current one ends.

The leadership transition announcement follows that merger talks between Shearman & Sterling and larger rival Hogan Lovells had ended. The two firms said they were discontinuing discussions about a potential merger last week. While some have speculated that the failed merger talks may have influenced the leadership transition decision, a firm spokesperson said Beveridge had already decided not to seek another term before the talks took place.

Shearman & Sterling has recently seen several partner departures, particularly outside of the United States. Despite this, the firm has made significant progress in reshaping its business, according to Beveridge, who said the time is right for a leadership transition. The goal is to accelerate the firm’s ongoing transformation and developing a new strategic vision.

  

What

Where

Search Jobs

Hakki, who has spent his entire 25-year-plus legal career at Shearman & Sterling, has unanimous support from Beveridge and the firm’s executive group and policy committee. The firm’s statement did not specify whether Hakki will continue to serve as global managing partner and head of disputes and litigation in addition to his new role as senior partner.

Hakki himself still needs to comment on his new role. The leadership transition is expected over the coming months, with Beveridge continuing to serve as senior partner until Hakki is formally elected.

Shearman & Sterling’s leadership transition marks a significant milestone for the 150-year-old law firm as it seeks to accelerate its ongoing transformation and navigate the rapidly changing legal industry. While the failed merger talks with Hogan Lovells may have cast a shadow over the firm’s recent developments, the announcement of Adam Hakki as the new senior partner has brought a sense of stability and continuity to the transition process. With Hakki’s demonstrated commitment to clients, people, and core values, Shearman & Sterling is well-positioned to face the challenges ahead and continue shaping the legal profession’s future.