A new legal superpower has been born in energy and shipping markets through the merger of Allen & Overy and Shearman & Sterling.

The London and New York-headquartered operations are coming together to create the “first fully integrated global elite law firm,” they said.

The two sides added that the new entity, Allen Overy Shearman Sterling (AO Shearman), will be the only global law firm with US, English and local law capabilities in equal measure.