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Shearman & Sterling

Most innovative North American law firms 2016: Making a difference

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AwardStandout
Originality9
Rationale9
Impact10
Total innovation score28
CommentThe first law firm in many years to challenge the definition of insider trading through its defence for Todd Newman, the hedge fund trader. Its stance resulted in a victory in the US Court of Appeals for the second circuit and narrowed the scope of what constitutes insider trading. Now prosecutors will have to prove that both trader and tipper knew the purpose of the information being leaked and received benefit from it. The Newman case has led to the dismissal of other insider trading cases. Commended: Stephen Fishbein