Shearman Axes In-House General Counsel Job
Shearman & Sterling has decided to buck the trend by eliminating the full-time position of general counsel.
John Shutkin was hired as full-time general counsel in 2004 to oversee risk management, the American Lawyer reports. Shutkin told the Lawyer he is leaving the firm because his job has been eliminated. Now partners will have responsibility for risk management, and litigation partner Henry Weisburg will oversee their efforts on a part-time basis, the American Lawyer story says.
Shearman spokesman Ron Brandsdorfer says the law firm is “returning to the more traditional structure of partner oversight over risk management” as part of a restructuring.
New York law school professor Elizabeth Chambliss said she was surprised by the move. “They’re swimming against the tide to some extent,” she told the American Lawyer. “It’s clear that the full-time professional model [for a general counsel], where it’s a separate job, is taking hold.”
A recent survey of major law firms found that about 85 percent have a designated general counsel. The study found that 38 percent are full-time and that their average annual cash compensation is $750,000.
