Shearman & Sterling LLP is a limited liability partnership under the laws of the State of Delaware. The personal liability of our partners is limited to the extent provided in such laws.
Under the laws of Delaware, an obligation of the Firm incurred while the Firm is a limited liability partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the Firm, and partners of the Firm are not personally liable, directly or indirectly, by way of indemnification, contribution, assessment or otherwise, for such obligation solely by reason of being or so acting as a partner.
Shearman & Sterling (London) LLP, the partnership through which the business of the Firm is undertaken in the United Kingdom and Italy, has also qualified as an LLP under the laws of the State of Delaware and the personal liability of its partners is also limited to the extent provided by such laws.
As used herein, "Shearman & Sterling" refers to Shearman & Sterling LLP, a limited liability partnership organized under the laws of the State of Delaware.