Shearman abandons defined-benefit scheme to defuse pensions time bomb Legal Business4 November 2015Pay While some US law firms have long ignored mounting pension liabilities, relying on annual profits to pay retirees, Shearman & Sterling has become the latest firm to alter its pensions system to limit future payouts. Your limit of 1 article in 30 days is up. Please login for full access or subscribe. Corporate users - click here for simple access (no password needed). For more information, please contact [email protected] Related ContentMore in this categoryThirty firms win roles in revamped £820m government legal panel – with three new appointmentsA&O Shearman’s first post-merger accounts reveal scale of pension deficit and partner capital injections‘Anything that begins with admin is at risk’ – the pressures fuelling firms’ business services cuts‘Setting ourselves up for the future’ – McDermott ups London trainee pay to £70kSlaughter and May matches magic circle peers with NQ pay hike to £150k‘At the top of UK associate compensation’ – McDermott hikes London NQ pay to $225kRevolving doors: Simpson Thacher, Latham, Sidley lead New Year London moves‘Seize every opportunity’ – Paul Hastings partner Reena Gogna on City law, Suits and poetryFive partners vie to succeed Hoyland as Simmons managing partner