Shearman posts strong profits, despite 9 % revenue drop

Shearman & Sterling reports an increase in profits per equity partner (PPP) of 4.2 percent to $1.735 million in 2009, while revenue declined 8.6 percent to $801 million, reports The Am Law Daily. While overall M&A activity was weak during 2009, Shearman's transaction lawyers had a strong year thanks to the auto industry. Shearman advised Abu Dhabi in buying $2.65bn of German carmaker Daimler and investing with Daimler in Tesla Motors. The firm also acted for Qatar Investment Authority on a €7bn investment in Volkswagen and Porsche, represented China's Sichuan Tengzhong in the acquisition of Hummer from General Motors (GM), and advised Germany on the restructuring of GM.

Shearman posts strong profits, despite 9 % revenue drop amlawdaily.typepad.com Tue, Feb 16, 2010