Shearman and Travers hit with losses as recruitment turns to restructuring and leveraged finance

Ongoing talk of a merger with Hogan Lovells has prompted an exodus from Shearman & Sterling, with the departure of EMEA and Asia M&A head Philip Cheveley to Sidley Austin one of the headline moves in the London market in recent weeks.

The blow to Shearman will be even more keenly felt since the move represents a reversal for one of its stated ambitions to focus on corporate, and because Cheveley only joined from Travers Smith less than two years ago, in March 2021.