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Aspiring Lawyers - Interviews & Vacation Schemes
Vacation Schemes Discussion
Shearman & Sterling
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<blockquote data-quote="Jaysen" data-source="post: 416" data-attributes="member: 1"><p>I'll share some thoughts on the first two questions, although this is by no means exhaustive.</p><p></p><p>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.</p><p></p><p><strong>How is Shearman & Sterling different to the magic circle?</strong></p><ul> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> </ul><p>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.</p><p></p><p>How is Shearman & Sterling different to the other international US firms?</p><ul> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> </ul><p>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.</p></blockquote><p></p>
[QUOTE="Jaysen, post: 416, member: 1"] 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. [B]How is Shearman & Sterling different to the magic circle?[/B] [LIST] [*]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. [/LIST] 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? [LIST] [*]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. [/LIST] 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. [/QUOTE]
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