Shearman & Sterling

[Nick]

Hi guys,

I'm currently working on a summer VS app for Shearman & Sterling, and I was just wondering if anyone has any thoughts on how to approach a question like this:

"As one of only a handful of elite, international law firms, how do you think Shearman & Sterling LLP maintains its competitive advantage?"

Any feedback will be greatly appreciated. Thank you all in advance.

 

[Nicole]

Hi Nick,

As a starting point you might want to ask yourself some of these questions:

-How is Shearman and Sterling different to the magic circle (except Slaughters)?
-How is Shearman and Sterling to the other international US firms?
-What does Shearman and Sterling talk proudly about/tell its clients?
-How has Shearman and Sterling's international growth been different?
-How has Shearman and Sterling innovated?

These should help you think about how Shearman and Sterling maintains a competitive advantage over other law firms.

 

[Jaysen]

Hi Nick,

As a starting point you might want to ask yourself some of these questions:

-How is Shearman different to the magic circle (except Slaughters)?
-How is Shearman to the other international US firms?
-What does Shearman talk proudly about/tell its clients?
-How has Shearman's international growth been different?
-How has Shearman innovated?

I'll share some thoughts on the first two questions, although this is by no means exhaustive.

They compete with different types of firms in different areas, so it helps to narrow that down to determine how Shearman & Sterling maintains a competitive advantage.

How is Shearman & Sterling different to the magic circle?

• Shearman & Sterling has a longstanding finance practice in the US, whereas the magic circle haven't had much luck breaking into the US market. That means Shearman & Sterling can leverage its relationships with US institutions in London and say: look we've worked with you for a long time, you know how good our team is, let us do your London deals too. It's easier to transfer these relationships than it is to win a cold pitch.
• After the financial crisis, European banks weren't really lending and this was a problem for European firms who needed finance. At the time, investors were also searching for products with a better return. Lenders started offering US products: high yield and Yankee bonds, and money poured into these markets. In these markets, Shearman & Sterling's proposition was attractive - it could offer European clients a finance package that covered both English law and New York law. The magic circle were on a backfoot here. They had less experience and fewer high yield lawyers.

From that, we might conclude that Shearman & Sterling maintains a competitive advantage because it can leverage its US relationships and its finance expertise, which is attractive to borrowers who want a range of financing options.

How is Shearman & Sterling different to the other international US firms?

• Shearman & Sterling decided to go global earlier than its rivals. At a time when many US firms were content building up their domestic practices, Shearman & Sterling was busy investing in Latin America, Asia, the Middle East and Europe.
• Shearman & Sterling was good at gaining market share in difficult markets. For example, many US firms struggled to rival Shearman & Sterling's past success in Germany.
• Its London practice is one of the largest of a non-UK law firm. A lot of that was thanks to the success of its high yield practice. It still remains one of the top firms for high yield, although lost the top spot to Latham.

Here, we could say that although the firm is not alone within the international elite, Shearman & Sterling maintains a competitive advantage because of its entrenched presence in international markets. Then you'd go on to explain what that means using evidence to back up your points.

 

[Nick]

I'll share some thoughts on the first two questions, although this is by no means exhaustive.

How is Shearman different to the magic circle?

• Shearman has a longstanding finance practice in the US, whereas the magic circle haven't had much luck breaking into the US market. That means Shearman can leverage its relationships with US institutions in London and say: look we've worked with you for a long time, you know how good our team is, let us do your London deals too. It's easier to transfer these relationships than it is to win a cold pitch.
• After the financial crisis, European banks weren't really lending and this was a problem for European firms who needed finance. At the time, investors were also searching for products with a better return. Lenders started offering US products: high yield and Yankee bonds, and money poured into these markets. Shearman could then step in and offer European clients a finance package that covered both English law and New York law. The magic circle were on a backfoot here. They had less experience and fewer high yield lawyers.

How is Shearman different to the other international US firms?

• Shearman decided to go global earlier than its rivals. At the time many US firms were content building their domestic practices, Shearman was busy investing in Latin America, Asia, the Middle East and Europe.
• Shearman was good at gaining market share in difficult markets. For example, many US firms struggled to rival Shearman's past success in Germany.
• Its London practice is one of the largest of a non-UK law firm. A lot of that was thanks to the success of its high yield practice. It still remains one of the top firms for high yield, although lost the top spot to Latham.

Hi Jaysen,

Thank you for your reply.

I think two fundamental points that I've picked up on from my research are:

1.) That Shearman has been able to very successfully establish itself in the UK and compete with the Magic Circle, and even do better than the MC in quite a few practice areas. Whereas MC firms have not enjoyed the same success across the pond in the US.

2.) As you briefly mentioned, Shearman did indeed decide to go global much earlier than its US and MC rivals, and managed to successfully establish a strong presence in Asia and the Middle East, with their Project Development & Finance team being one of the best in those regions.

Essentially, Shearman's growth strategy is how I believe they've managed to maintain their competitive advantage, do you think that's a fair assumption?

...Basically I was hoping to tie my response to the above question into my response to their second Q, which is:

"Please use this space to explain your interest in pursuing a legal career at a city law firm, and your interest in Shearman & Sterling LLP"

Because if I mention the strength of the PDF practice in the first Q - this also ties into why I'm interested in Shearman in the second Q.

 

[Jaysen]

Hi Jaysen,

Thank you for your reply.

I think two fundamental points that I've picked up on from my research are:

1.) That Shearman has been able to very successfully establish itself in the UK and compete with the Magic Circle, and even do better than the MC in quite a few practice areas. Whereas MC firms have not enjoyed the same success across the pond in the US.

2.) As you briefly mentioned, Shearman did indeed decided to go global much earlier than its US and MC rivals, and managed to successfully establish a strong presence in Asia and the Middle East, with their Project Development & Finance team being one of the best in those regions.

Essentially, Shearman's growth strategy is how I believe they've managed to maintain their competitive advantage, do you think that's a fair assumption?

...Basically I was hoping to tie my response to the above question into my response to their second Q, which is:

"Please use this space to explain your interest in pursuing a legal career at a city law firm, and your interest in Shearman & Sterling LLP"

Because if I mention the strength of the PDF practice in the first Q - this also ties into why I'm interested in Shearman in the second Q.

Yes, I think it's fair to say that their growth strategy is one of the reasons behind Shearman & Sterling's competitive advantage. Both are good justifications and ultimately, that's more important as it's a subjective question.

And sure you can tie the responses in that way. The good thing about these types of questions - Ashurst/Kirkland used to do something similar - is that you can leave all the descriptive points that show your knowledge of the firm here, and then focus on more personal responses in the second question. That's useful for students who may mix up the two and end up describing a firm in their answer rather than focusing on why a firm appeals to them (I used to be guilty of this). As you said, the answers to the second question can be things like your interest in PDF or based on people you've met at the firm or why you like the smaller intake size etc.

 

[Nick]

Hi Jaysen,

Just a thought/suggestion that may also benefit others on the site..

Basically, I sometimes struggle with articulating my work experience when drafting applications, which is concerning, because this is a major part of 'selling yourself'.

So I thought it would be a good idea if you could post a couple of your work experience entries from previous successful applications. In a similar way to what you've done with your A&O app, if you don't mind of course.

 

[Salma]

Hi Jaysen,

Just a thought/suggestion that may also benefit others on the site..

Basically, I sometimes struggle with articulating my work experience when drafting applications, which is concerning, because this is a major part of 'selling yourself'.

So I thought it would be a good idea if you could post a couple of your work experience entries from previous successful applications. In a similar way to what you've done with your A&O app, if you don't mind of course.

Hi Nick! I struggled with this aswell but after speaking to HR at different firms a lot of them have simply said that they just want to know what you did.

For example the following structure might help you articulate your experience better..

Intro line:
During my two weeks at this firm, I was placed/worked alongside (whatever works for you better) partners in the commercial property department

Points of what you did:
I was tasked to complete research on..
I attended court and was asked to..
I helped draft a...

Sometimes it’s even better to mention something that you completed that was used for the client, for example I assisted an associate (whatever department) in drafting a defence the associate overseeing my work praised my initiative and used my research notes to advise his client

I hope that helps!

 

[Nick]

Hi Nick! I struggled with this aswell but after speaking to HR at different firms a lot of them have simply said that they just want to know what you did.

For example the following structure might help you articulate your experience better..

Intro line:
During my two weeks at this firm, I was placed/worked alongside (whatever works for you better) partners in the commercial property department

Points of what you did:
I was tasked to complete research on..
I attended court and was asked to..
I helped draft a...

Sometimes it’s even better to mention something that you completed that was used for the client, for example I assisted an associate (whatever department) in drafting a defence the associate overseeing my work praised my initiative and used my research notes to advise his client

I hope that helps!

Hi Selma,

Thank you for your reply.

I think that essentially the thing that I struggle with is figuring out how much to write (where there's not a word limit) and deciding what to include: e.g., include 1 or 2 tasks that I completed and elaborate proficiently, or include 2 or 3 and elaborate a bit less...

 

[Salma]

Hi Selma,

Thank you for your reply.

I think that essentially the thing that I struggle with is figuring out how much to write (where there's not a word limit) and deciding what to include: e.g., include 1 or 2 tasks that I completed and elaborate proficiently, or include 2 or 3 and elaborate a bit less...

No problemoooo

I think you should include all the tasks you completed, anything succinct and relevant is fine in my opinion.

 

[Jaysen]

Hi Nick! I struggled with this aswell but after speaking to HR at different firms a lot of them have simply said that they just want to know what you did.

For example the following structure might help you articulate your experience better..

Intro line:
During my two weeks at this firm, I was placed/worked alongside (whatever works for you better) partners in the commercial property department

Points of what you did:
I was tasked to complete research on..
I attended court and was asked to..
I helped draft a...

Sometimes it’s even better to mention something that you completed that was used for the client, for example I assisted an associate (whatever department) in drafting a defence the associate overseeing my work praised my initiative and used my research notes to advise his client

I hope that helps!

Hi Jaysen,

Just a thought/suggestion that may also benefit others on the site..

Basically, I sometimes struggle with articulating my work experience when drafting applications, which is concerning, because this is a major part of 'selling yourself'.

So I thought it would be a good idea if you could post a couple of your work experience entries from previous successful applications. In a similar way to what you've done with your A&O app, if you don't mind of course.

Thanks Nick. It's a very good point and often overlooked by students. I know that filling out the work experience section can be very tiring - at least, that's how I felt - but you're right, it's an important part of the application. The good thing is once you get it down you can copy and paste your answers for all applications.

Remember that recruiters have hundreds of applications to get through. So when they're going through your work experience they want to see concrete information about what you did - exactly as Selma said. They may well skim through some parts of your work experience and it's unhelpful if a student describes the skills they have without providing evidence.

I attach examples for one of my successful applications to give you an idea of how to structure an answer.



NB: This only shows how I approached the work experience section. I can't guarantee that these are good answers; it could well be the case that my application was successful despite my work experience answers.

 

[Nick]

Thanks Nick. It's a very good point and often overlooked by students. I know that filling out the work experience section can be very tiring - at least, that's how I felt - but you're right, it's an important part of the application. The good thing is once you get it down you can copy and paste your answers for all applications.

Remember that recruiters have hundreds of applications to get through. So when they're going through your work experience they want to see concrete information about what you did - exactly as Selma said. They may well skim through some parts of your work experience and it's unhelpful if a student describes the skills they have without providing evidence.

I attach examples for one of my successful applications to give you an idea of how to structure an answer.

View attachment 21 View attachment 22 View attachment 23

NB: This only shows how I approached the work experience section. I can't guarantee that these are good answers; it could well be the case that my application was successful despite my work experience answers.

Thank you Jaysen, I appreciate it.

Love the subtle disclosure at the bottom

 

[Nick]

@Jaysen would you say its necessary to talk about my work-experience when answering this question:

"Please use this space to explain your interest in pursuing a legal career at a city law firm, and your interest in Shearman & Sterling LLP"

 

[Jaysen]

@Jaysen would you say its necessary to talk about my work-experience when answering this question:

"Please use this space to explain your interest in pursuing a legal career at a city law firm, and your interest in Shearman & Sterling LLP"

Nope, not necessary.

 

[Nick]

Nope, not necessary at all.

Phew, thank you

 

[jaz]

What suggestions would you give (ie: websites, other resources) when it comes to doing research on a firm's competitive advantage?

 

[MightyMoe]

What suggestions would you give (ie: websites, other resources) when it comes to doing research on a firm's competitive advantage?

The Lawyer would be SO good for this if it was free

I haven't really found much beyond the firm's website. For the firms they have listed TCLA's insights page is really good for this. I'm just waiting for more to be covered!

 

[jaz]

The Lawyer would be SO good for this if it was free

I haven't really found much beyond the firm's website. For the firms they have listed TCLA's insights page is really good for this. I'm just waiting for more to be covered!

Thank you!

 

[Nicole]

What suggestions would you give (ie: websites, other resources) when it comes to doing research on a firm's competitive advantage?

Hey! Is this in relation to the Shearman & Sterling question on how it maintains a competitive advantage? If it is, I will try to share how I found my info for the firm.

 

[Salma]

I believe Jaysen also posted his answer to this same question (I can’t seem to find it) but have a look around the forum and you might be able to!

 

[Lat94]

Hello! I hope everyone is well.

Just wanted to let you all know that Shearman & Sterling are hosting a Vacation Scheme Application Week event. This will entail blogs, videos, articles, quizzes, Q&As, Facebook Live sessions and interviews for the upcoming 2018-2019 application cycle. Not sure if this has already been mentioned but it seemed very appropriate and useful!

https://ukgraduates.shearman.com/vacation-scheme-application-week/#.W6YMAWRKiX0