The
dip in
revenue per lawyer was a product of the associate ranks growing by more than 6 percent, as the firm welcomed back deferred associates from the summer class of 2009, and built a team of some 18
lawyers around two Hong Kong law partners who moved over from O'Melveny in 2010.
Citing a weak second half and aggressive lateral investment, Shearman & Sterling posted a slight gain in gross
revenue, a slight
dip in
revenue per lawyer, and stagnant profits
per partner, according to The American
Lawyer's reporting.