Shearman & Sterling announced a leadership shake-up on Tuesday following the termination of a proposed merger with Hogan Lovells. They revealed plans to begin the process of replacing David Beveridge, the current senior partner who is set to depart from his position.

The firm stated that Adam Hakki, who currently serves as the global managing partner and head of disputes and litigation, will assume the top leadership position, subject to a formal election later in the year.

Last week Shearman & Sterling and larger rival Hogan Lovells said they were ending discussions about a potential merger.

Shearman, a 150-year-old firm with about 850 lawyers, has seen a string of partner departures in recent months, especially outside the U.S.

When asked if the failed merger talks or partner exits were connected to Tuesday’s announcement, a firm spokesperson said Beveridge had already decided not to seek another term when his current one ends.

Beveridge was elected to a six-year term effective March 1, 2018. Shearman is one of several major U.S. law firms to have laid off lawyers or staff in the past few months.

In February, the firm cut 12 associates and 26 business services professionals, citing a need to “align our capacity levels with existing client demands.”

We also reported on a string of departures that lead to a new arbitration boutique being established in three European centers in 2021.