Shearman & Sterling, 1999 Edition
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Shearman & Sterling, 1999 Edition
Shearman & Sterling, founded in 1873, made its mark representing huge banks (one of which would grow up to be Citibank) and robber barons. Things haven't changed much. A century-long relationship with Citibank turned Shearman into a top Wall Street law firm, and today, Shearman is among the biggest and most powerful law firms in the world. In the mid-1980s, Shearman started to wean itself from Citibank and seek growth overseas. Thanks to partner Stephen Volk, Shearman has built up a sterling mergers and acquisitions department and formed relationships with numerous other financial institutions.

Pages: 65
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Culture: Professional, but stiff

Associates at the firm describe the culture as "stiff" and "very much white-shoe." Sources say the atmosphere is "extremely professional" and "demanding, but collegial." Says an insider: "It's a very adult and mature culture, and of course, very hard working." Concludes an associate: "We have offices everywhere and we're business-oriented. There are certain law firms that have the attitude: 'We're the priests of the law.' At Shearman, we're more practical." The firm's corporate department is described as "big and impersonal," while the litigation department is said to be "friendly and supportive." The culture in the firm's property/real estate/environment department is described as "cliquish." A source says the firm is plagued by "sagging morale" as the workload is beginning to overwhelm even hard-working Shearman lawyers.

Grueling hours

Hours at Shearman & Sterling are very long, according to associates. Says one contact, "you can work 100 hours a week, with not too much of a problem." Says another: "It's usually 10 to 12 hours a night with one full day on the weekend. All nighters are "pretty frequent -- twice to three times a month, depending on the department." Associates who spoke with Vault were divided on the firm's emphasis on billable hours. One says that "everybody is working so hard that there are there are no minimum hours. Nobody reprimands associates who seem to be not very busy." However, most associates report that "there is a lot of emphasis on billable hours." Says one: "I know of a case where there was a concern that an associate wasn't pulling his weight." Says another: "You work on Wall Street -- they pay attention to billable hours."

A social place, relatively

Though you wouldn't expect it from lawyers who work long hours, there is such a thing as a Shearman social life, according to associates. "Yes, associates socialize with each other," an insider insists. Individual practice groups schedule "regular social events," for which they receive a budget. The corporate finance practice group, for example, hosts a weekly wine and cheese gathering on Fridays. "The firm tries to encourage a social environment," a source says. To that end, Shearman has several major outings. Dates are allowed at all firm events (not usually the case at large law firms). Every February, a State of the Firm address (and soir?e) is held at the Waldorf Astoria Hotel in February for lawyers and legal assistants. In the summer, each department has an outing -- "unless you're a small department like tax or property, which share their summer outing," a source notes. The outings are generally at a country club in suburban Westchester County, and legal assistants and lawyers and their guests are invited. The firm also has a lottery each month that gives associates and their dates tickets to such entertainment activities as the theatre, sporting events and dinners at interesting New York restaurants. When the holiday season hits, Shearman throws a firm-wide winter holiday party at its offices. All the firm's employees and their families are invited. According to accounts, for Shearman's 1996 Party, the firm had food stations representing the firm's international offices, transformed its dining room into a children's fantasyland, and featured staff members dressed as Santa Claus and his helpers dishing out stuffed animals dressed in tiny Shearman & Sterling T-shirts. There is also a party for the firm's lawyers and clients, also held at the firm. Finally, each department has its own holiday party at a night club or restaurant (such as the New York club Tatou) for its lawyers and legal assistants.

Treatment by superiors: Collegial, for the most part According to most associates who spoke with Vault, Shearman associates treat coworkers "professionally." Says one: "It's a professional environment -- no one's rude, no one's not pleasant. It's demanding, but collegial. Of course, it's a hard-working environment. But people generally don't misbehave." Still, one associate warns: "There are some nice people here, but there are also a few real mean f-----s."

Be prepared

Professional satisfaction at the firm is "a function of what you want," according to associates. As one associate says: "If your goal is to become partner, and you're willing to do a lot of work, then you're happy, because the work experience is outstanding. But if you don't want to make partner, then you will not become happy because the workload is overbearing." Another associate echoes these thoughts. "I'm satisfied with my work experience. I'm not so satisfied with the lifestyle," the associate says. As for advice to prospective attorneys at this firm, one associate simply advises to "know what you're getting into."

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