What’s magical about $3 billion in revenue? It’s rarified air for law firms–only five in the world cracked the threshold in 2021.

And it was one of the main goals in Shearman & Sterling’s pursuit of a blockbuster merger, according to reports detailing the firm’s now aborted discussions with Hogan Lovells. Now that the dust has settled, and Shearman has accelerated its transition to a new leader, it’s worth a closer look at what, in a way, looks like an effort by the firm to turn back the clock.