2024 DIVERSITY DATABASE UNDERWRITER Shearman & Sterling LLP

Shearman & Sterling is one of the world’s leading law firms, serving the domestic and cross-border needs of an impressive roster of clients. With approximately 850 lawyers in 25 offices across North America, Europe, Asia, Latin America, and the Middle East, the firm has an enviable blend of prestige, prowess, and reach. 

Starting Big

One hundred and fifty years ago, prominent lawyers Thomas Shearman and John Sterling locked hands in partnership, combining two legendary reputations to lay down a law firm’s foundation. Shearman & Sterling didn’t waste any time establishing itself—soon after the firm’s birth, it began forging relationships with Wall Street’s most commanding companies and personalities: The firm’s first client was Jay Gould, and Jim Fisk followed soon after. These clients set the stage for many big names to follow.

From M&A to Cross-Border

Shearman & Sterling boasts a noteworthy lineup of practices, including antitrust, corporate governance, derivatives/structured products, executive compensation and employee benefits, finance, financial institutions advisory and financial regulatory, financial restructuring and insolvency, investment funds, litigation, and project development and finance.

The firm is known for its extensive domestic and global M&A practice. Citigroup and its predecessor banks have been clients of the firm since the late 19th century, and through the decades, the firm has represented the financial institution in many transactions, including its 1998 merger with Travelers Group to form the current entity, Citigroup. In 1956, the firm took Ford Motors public. Skipping ahead a half-century or so, the firm notably represented the financial advisor to Pixar when the animation company was acquired by Disney in 2006.

Shearman & Sterling’s global reach—especially its prominence in Asia, India, and the Middle East—opens the door to considerable cross-border work for a who’s who of international clients. Shearman has also established itself in Central and South America. With a presence in Brazil since the 1930s, the firm has advised on some of the country’s most significant financial transactions, including Petrobras’ global equity offering in 2010—one of the largest offerings ever—and its U.S. $7 billion global notes offering in 2012, the largest one-time debt offering ever by a Latin American issuer. Outside of Brazil, the firm is active in Chile, Colombia, Mexico, and Panama—the Panama Canal Authority called upon the firm to advise on the financing of the historic expansion of the Panama Canal.

Worldwide Helpers

Shearman & Sterling attorneys routinely take on pro bono matters that benefit individuals, communities, and organizations on a global scale. Examples that illustrate the breadth of the firm’s recent work include: a global fundraising effort, initiated by the firm’s Asia offices, to provide healthcare workers with PPE during the COVID-19 pandemic; a trial and appellate victory, achieved in partnership with the International Refugee Assistance Project (IRAP), on behalf of refugee resettlement organizations in the United States to secure equitable refugee treatment and protection of the resettlement program from political interference; and a partnership with U.K.-based NGO Human Rights at Sea to establish an international arbitration mechanism for victims of human rights abuses that occur at sea. In 2020, the firm’s attorneys donated more than 58,000 hours to pro bono matters, and the firm was recognized by The American Lawyer as a top pro bono firm.

• Advising JetBlue Airways Corp. in its pending acquisition of Spirit Airlines for approximately $3.8 billion following JetBlue’s hostile takeover bid for Spirit.
• Advised on Blackstone’s public offer for Italian infrastructure group Atlantia—represented certain financing sources in connection with Europe’s largest-ever take-private transaction. 
• Represented Paramount Global (formerly ViacomCBS Inc.) in a closely watched securities class action litigation arising from the collapse of Archegos Capital Management.
• Advised TPG Inc. on the executive compensation, equity incentive, and senior executive and founder retention matters and related governance and disclosure considerations in connection with its IPO.

• Corporate Equality Index 100% score, 2023—Human Rights Campaign
• Practice Groups of the Year—Environmental and Project Finance, 2023—Law360
• Competition & Regulatory Team of the Year, 2022—The Lawyer Awards
• Energy & Infrastructure Team of the Year, 2022—British Legal Awards
• Innovation in Sustainability for Clients, 2022—Financial Times Innovative Lawyers North America Awards
• Compass Award, 2022—Leadership Council on Legal Diversity