Pay Cut Prompted a Shearman Office in Mannheim, Germany, to Jump Ship
An across-the-board pay cut estimated at about 10 to 15 percent for all nine partners at Shearman & Sterling’s outpost in Mannheim, Germany, is reportedly what prompted the 30-lawyer office’s recent decision to abandon the mother ship and strike out again on its own.
The pay cut, approved last month and effective Jan. 1, was the handwriting on the wall signaling a less lucrative future for New York City-based Shearman’s Mannheim office for years to come, Legal Week wrote.
“It is not a reflection on their legal abilities. It is not profitable for them to leave, but it is also not profitable for them to stay, as their compensation will be reduced year by year,” an unnamed Shearman partner tells the publication.
As discussed in an earlier ABAJournal.com post, the Mannheim office has announced its plan to undo its 2000 merger with Shearman & Sterling and form a separate law office. It will now again begin using its pre-merger law firm name of Schilling Zutt & Anschuetz.
