American merger places Allen & Overy at top table
Allen & Overy’s merger with one of Wall Street’s oldest and most established law firms is set to catapult the London-based magic circle practice into the top tier of international players.
The planned deal with Shearman & Sterling — which was founded in 1873 — creates an entity with annual revenue of at least $3.4 billion (£2.7 billion). That would place what is set to become Allen Overy Shearman Sterling in the top five in the international earnings league table of law firms — potentially wedged between DLA Piper, another transatlantic firm, and Baker McKenzie, a US practice, albeit one that has its largest office in London.
Law firm partners in the City will be cheered that the English firm — which was co-founded in