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(Reuters) – Shearman & Sterling said on Wednesday it has launched a new service to help corporate law clients address regulatory challenges, becoming a new law firm to diversify beyond than traditional legal practices.
The New York-based firm is hiring internal teams for the new service, which is being marketed as Shearman Legal Services. Shearman said the division will provide knowledge management, legal technology, business intelligence and other services.
Law firms are increasingly creating new subsidiaries and internal divisions that focus on areas such as technology, information and legal staff for corporate clients, an opportunity to differentiate their services and competition with other legal service providers.
Cleary Gottlieb Steen & Hamilton launched a technology-driven transactional business unit in June. Such efforts are still rare among Wall Street firms, but a growing number of other major U.S. and international law firms are investing in the project.
Although Shearman Lawyers has already offered 850 features of its new service to clients, the offering is being expanded and formalized to meet the growing operational needs of law firms of all sizes, which said Anthony Widdop, global director of Shearman’s legal practice.
Many clients are “still early in their regulatory journey,” Widdop said, and the firm’s focus is on providing strategic advice to companies setting up or reforming a regulatory practice. law.
The goal is not to provide “low-wage jobs or jobs,” he said.
Shearman had been involved in an offer since January, Widdop said. Currently, the firm has worked to create a knowledge management strategy for a “high-powered client” that is shaking up its legal department, and is helping an insurance firm better understand new tools to manage the contract, he said.
Widdop will lead the division alongside Shearman’s chief knowledge and client value officer Meredith Williams-Range and chief technology officer Lawrence Baxter.
He said that the company initially plans to use the offer to expand existing customer relationships, and that going forward “if everything is the same, all we can do for the customers will give us a competitive advantage.”
The firm did not share a salary range but said it would depend on the scope of work.
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