A&O Shearman Hones Profitability Amid Flat Revenue and ‘Deliberate Reshaping’ by RG | Jul 16, 2026 | Law.com In a year of flat revenue and a smaller partnership, A&O Shearman’s PEP was up about 12% year over year. In a year of flat revenue and a smaller partnership, A&O Shearman’s PEP was up about 12% year over year.