On May 21st Allen & Overy, one of London’s elite “magic circle” of law firms, announced a tie-up with Shearman & Sterling, a prestigious Wall Street “white shoe” practice. The merger will create a transatlantic giant with annual revenues exceeding $3bn. Especially for the British partner, though, it may end in heartache. Shearman has struggled to keep up with competitors and has haemorrhaged partners in recent years; in March it abandoned a tie-up with Hogan Lovells, another big firm.
This is not the first Japanese foray onto Wall Street. During the global financial crisis of 2007-09, Mitsubishipurchased its 22% stake in Morgan Stanley and Nomura acquired Lehman Brothers’ European investment-banking operations. In April this year Sumitomo Mitsui, another big Japanese bank, announced that it would increase its stake in Jefferies, a medium-sized investment bank it first put money into two years ago, from 5% to 15%.
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