Shearman Names New Leader After Merger Talks Flop
It was just last week that Shearman announced that its merger talks with Hogan Lovells were being scrapped. Now, the firm has announced a leadership change -- and early one, at that, to "ensure a seamless passing of the torch."
The firm recently revealed that Adam Hakki, who currently serves as global managing partner and head of disputes and litigation, will become Shearman's next senior partner, subject to a formal election later this year. Hakki will be taking the reins from David Beveridge, who has served in the role since 2018.
Here's what Beveridge had to say about the early leadership transition:
"We have made important progress in reshaping our business, and I believe this is the right time to begin a leadership transition to accelerate the pace of the firm's ongoing transformation and the development of a new strategic vision. We have a clear opportunity to optimize across the business as we work to better focus our efforts on the areas where we are best positioned to succeed and increase revenue growth in the future. We have meaningful work ahead of us, and I feel strongly that the time has come for me to begin to pass the torch on to the next generation of leadership. I am fully confident that, in partnership with the management team, Adam will be the leader the firm needs to deliver on our ambitions."
This is what Hakki -- a lifer at Shearman -- had to say of his prospective ascent to power within the firm:
"This year marks the firm's 150th anniversary and as we look to the future, we are excited and energized by the opportunity to strengthen the firm in service of our clients around the world. We will maintain a laser focus on our clients and prioritize our core strength as a destination for the most complex and significant transactions and disputes for corporates, financial institutions, and funds, with true industry expertise. Through this we will maintain our prioritization of the most profitable legal markets. We will also continue to prioritize our most valuable asset - our people - in their development and in fostering a diverse and inclusive environment."
Will Hakki be able to stem the tide of partner departures from the firm? We suppose we'll see. He already has unanimous support from the firm's key constituencies, and could begin in his new role before the year is over.
After Merger Talks End, Shearman Accelerates Transition to New Leader [American Lawyer]
Staci Zaretsky is a senior editor at Above the Law, where she's worked since 2011. She'd love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.