Shearman & Sterling managed to increase profits per equity partner (PPP) by 4.2 percent, but revenue dipped by 8.6 percent in 2009. Despite the fact that the firm did not lay off any associates, its associate number declined by 6.7 percent. Shearman’s explanation is that half of the incoming class (50 associates) and 40 senior associates agreed to one year sabbaticals in exchange for $65,000 and medical benefits.

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