'We've made some incredible picks': How Shruti Ajitsaria is helping A&O Shearman stay ahead in the legal tech arms race
Shruti Ajitsaria on building Fuse, A&O Shearman's legal tech incubator.
Contents
Shruti Ajitsaria has never been a particularly conventional lawyer. Before she became head of Fuse - the tech innovation incubator inside A&O Shearman - she was a credit derivatives specialist with a side hustle in legal tech investing.
That unusual combination of technical legal know-how and entrepreneurial instinct led her to pitch a bold idea to the firm’s senior leadership in 2017: build a startup-style incubator inside one of the world’s largest law firms.
Seven years on, Fuse is now in its ninth cohort and has hosted over 60 companies, helping founders develop legal tech products in close collaboration with lawyers and clients. Ajitsaria, now a partner at A&O Shearman, runs the unit with a seven-person team and a simple goal: surface useful technologies that can improve how the firm delivers legal services.
"I thought I'd do it for a couple of years", she tells us in an interview for The Non-Billable Podcast. "At the beginning, it was just: ‘Find legal tech companies doing interesting things that help us work better.'"
Listen to the full-length interview on the podcast. Episode page with links here.
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Building Fuse from the ground up
The idea came to Ajitsaria while on maternity leave. She had previously invested in a small legal tech company designed to help derivatives lawyers negotiate ISDA documents and saw first-hand how difficult it was for startups to gain traction inside law firms. There was no clear entry point, and the tech often wasn’t built with lawyers’ workflows in mind.
While attending a startup programme at Google Campus in London, she realised that instead of building a company she wanted to build a bridge between law firms and the startups trying to change them. She returned to the firm and pitched the idea to Wim Dejonghe, then Allen & Overy’s senior partner.
"It was a chance 10-minute conversation", she recalls. "He said, 'Go for it.' Genuinely, that was like the luck of my life really."
Fuse opened later that year. At first, the concept was simple: invite promising legal tech founders into the building, give them office space, and see what happened. Over time, it evolved into a more structured programme. Today, Fuse runs annual cohorts, works with teams across A&O Shearman globally, and supports startups through pilot projects, product feedback and potential licensing deals.
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Addleshaw Goddard | £52,000 | £56,000 | £100,000 |
| Akin Gump | £60,000 | £65,000 | £174,418 |
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Ashurst | £57,000 | £62,000 | £140,000 |
| Baker McKenzie | £56,000 | £61,000 | £140,000 |
| Bird & Bird | £47,000 | £52,000 | £98,000 |
| Bristows | £46,000 | £50,000 | £88,000 |
| Bryan Cave Leighton Paisner | £50,000 | £55,000 | £105,000 |
| Burges Salmon | £47,000 | £49,000 | £72,000 |
| Charles Russell Speechlys | £50,000 | £53,000 | £88,000 |
| Cleary Gottlieb Steen & Hamilton | £57,500 | £62,500 | £164,500 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Clyde & Co | £47,000 | £49,500 | £85,000 |
| CMS | £50,000 | £55,000 | £120,000 |
| Cooley | £55,000 | £60,000 | £157,000 |
| Davis Polk | £65,000 | £70,000 | £170,000 |
| Debevoise | £55,000 | £60,000 | £173,000 |
| Dechert | £55,000 | £61,000 | £165,000 |
| Dentons | £50,000 | £54,000 | £100,000 |
| DLA Piper | £52,000 | £57,000 | £130,000 |
| Eversheds Sutherland | £46,000 | £50,000 | £100,000 |
| Farrer & Co | £47,000 | £49,000 | £88,000 |
| Fieldfisher | £48,500 | £52,000 | £95,000 |
| Freshfields | £56,000 | £61,000 | £150,000 |
| Fried Frank | £55,000 | £60,000 | £175,000 |
| Gibson Dunn | £60,000 | £65,000 | £180,000 |
| Goodwin Procter | £55,000 | £60,000 | £175,000 |
| Gowling WLG | £48,500 | £53,500 | £98,000 |
| Herbert Smith Freehills | £56,000 | £61,000 | £135,000 |
| HFW | £50,000 | £54,000 | £100,000 |
| Hill Dickinson | £43,000 | £45,000 | £80,000 |
| Hogan Lovells | £56,000 | £61,000 | £140,000 |
| Irwin Mitchell | £43,000 | £45,000 | £76,000 |
| Jones Day | £56,000 | £65,000 | £160,000 |
| K&L Gates | £50,000 | £55,000 | £115,000 |
| Kennedys | £43,000 | £46,000 | £85,000 |
| King & Spalding | £55,000 | £60,000 | £165,000 |
| Kirkland & Ellis | £60,000 | £65,000 | £174,418 |
| Latham & Watkins | £60,000 | £65,000 | £174,418 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Mayer Brown | £55,000 | £60,000 | £135,000 |
| McDermott Will & Emery | £65,000 | £70,000 | £174,418 |
| Milbank | £65,000 | £70,000 | £174,418 |
| Mills & Reeve | £45,000 | £47,000 | £82,000 |
| Mischon de Reya | £47,500 | £52,500 | £95,000 |
| Norton Rose Fulbright | £50,000 | £55,000 | £135,000 |
| Orrick | £55,000 | £60,000 | £160,000 |
| Osborne Clarke | £54,500 | £56,000 | £94,000 |
| Paul Hastings | £60,000 | £68,000 | £173,000 |
| Paul Weiss | £55,000 | £60,000 | £180,000 |
| Penningtons Manches Cooper | £48,000 | £50,000 | £83,000 |
| Pinsent Masons | £49,500 | £54,000 | £97,000 |
| Quinn Emanuel | n/a | n/a | £180,000 |
| Reed Smith | £50,000 | £55,000 | £125,000 |
| Ropes & Gray | £60,000 | £65,000 | £165,000 |
| RPC | £46,000 | £50,000 | £90,000 |
| Shoosmiths | £43,000 | £45,000 | £97,000 |
| Sidley Austin | £60,000 | £65,000 | £175,000 |
| Simmons & Simmons | £52,000 | £57,000 | £120,000 |
| Skadden | £58,000 | £63,000 | £173,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
| Squire Patton Boggs | £47,000 | £50,000 | £110,000 |
| Stephenson Harwood | £50,000 | £55,000 | £100,000 |
| Sullivan & Cromwell | £65,000 | £70,000 | £174,418 |
| Taylor Wessing | £50,000 | £55,000 | £115,000 |
| TLT | £44,000 | £47,500 | £85,000 |
| Travers Smith | £54,000 | £59,000 | £120,000 |
| Trowers & Hamlins | £45,000 | £49,000 | £80,000 |
| Vinson & Elkins | £60,000 | £65,000 | £173,077 |
| Watson Farley & Williams | £50,000 | £55,000 | £102,000 |
| Weightmans | £34,000 | £36,000 | £70,000 |
| Weil Gotshal & Manges | £60,000 | £65,000 | £170,000 |
| White & Case | £62,000 | £67,000 | £175,000 |
| Willkie Farr & Gallagher | £60,000 | £65,000 | £170,000 |
| Withers | £47,000 | £52,000 | £95,000 |
| Womble Bond Dickinson | £43,000 | £45,000 | £80,000 |
Rank | Law Firm | Revenue | Profit per Equity Partner (PEP) |
|---|---|---|---|
| 1 | DLA Piper* | £3,010,000,000 | £2,400,000 |
| 2 | Clifford Chance | £2,300,000,000 | £2,040,000 |
| 3 | A&O Shearman | £2,200,000,000 | £2,200,000 |
| 4 | Hogan Lovells | £2,150,000,000 | £2,200,000 |
| 5 | Freshfields | £2,120,000,000 | Not disclosed |
| 6 | Linklaters | £2,100,000,000 | £1,900,000 |
| 7 | Norton Rose Fulbright* | £1,800,000,000 | £1,100,000 |
| 8 | CMS** | £1,620,000,000 | Not disclosed |
| 9 | Herbert Smith Freehills | £1,300,000,000 | £1,300,000 |
| 10 | Ashurst | £961,000,000 | £1,300,000 |
| 11 | Clyde & Co | £844,000,000 | £739,000 |
| 12 | Eversheds Sutherland | £749,000,000 | £1,300,000 |
| 13 | BCLP* | £661,000,000 | £748,000 |
| 14 | Pinsent Masons | £649,000,000 | £793,000 |
| 15 | Slaughter and May*** | £625,000,000 | Not disclosed |
| 16 | Simmons & Simmons | £574,000,000 | £1,076,000 |
| 17 | Bird & Bird** | £545,000,000 | £696,000 |
| 18 | Addleshaw Goddard | £495,000,000 | Not disclosed |
| 19 | Taylor Wessing | £480,000,000 | £915,000*** |
| 20 | Osborne Clarke** | £456,000,000 | £771,000 |
| 21 | Womble Bond Dickinson | £448,000,000 | £556,000 |
| 22 | DWF | £435,000,000 | Not disclosed |
| 23 | Fieldfisher | £407,000,000 | £966,000 |
| 24 | Kennedys | £384,000,000 | Not disclosed |
| 25 | DAC Beachcroft | £325,000,000 | £700,000 |
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How the programme works
Each year, Fuse receives hundreds of applications. The 2025 cohort drew over 270 from around the world, with only a handful selected - nine made the grade this year. Companies can be early-stage or more mature - Fuse doesn’t take equity, so its main filter is strategic fit. Does the product solve a problem the firm or its clients are experiencing? Is the startup ready to engage with a large, global law firm?
"We’re completely agnostic about stage", says Ajitsaria. "What matters is fit, whether the solution is solving a problem that we currently have, and could it have an ROI for the firm." “We’re not trying to scale them up or make a quick return", she adds.
Once selected, startups spend the first weeks aligning with internal stakeholders to plan their engagement. That might mean a pilot project with a particular team, or it could involve refining messaging to better resonate across jurisdictions.
What sets Fuse apart is its integration with the firm’s day-to-day work. It isn’t a separate R&D function. Instead, it gives the firm’s lawyers a chance to try new tools in context, and helps startups get the kind of detailed, practical feedback that’s hard to come by elsewhere.
We’re not trying to scale them up or make a quick return.
Over $1 billion in funding raised
More than 60 companies have come through Fuse since it launched - raising over a billion of dollars of funding between them. Many are still active, and several have become well-known names in the legal tech ecosystem. Definely, for example, which helps lawyers draft and understand contracts more efficiently, was an early Fuse participant. So were companies like StructureFlow and Legatics.
"One thing I'm really proud of, actually, is that we've made some incredible picks", Ajitsaria says.
Ajitsaria credits their success to a few core traits: a strong understanding of the problem they’re solving, a willingness to listen to feedback, and the ability to shift gears as they grow. "Some people are great at building something from scratch", she says. "But then they get to the bit where they need to scale or raise money or move at a different pace and the whole thing falls apart. The ones that succeed know when to shift gears and accelerate."
(P.S. To find out more about Definely - now one of the UK's fastest-growing tech startups, listen to our interview with co-founder Nnamdi Emelifeonwu on The Non-Billable Podcast.)
Startups often arrive with a clear vision but limited understanding of law firm culture or process. Fuse provides an environment to test assumptions and iterate. For A&O Shearman, the benefit is twofold: early access to promising tools and a culture of experimentation.
Internal benefits beyond tech
Though Fuse was designed with technology in mind, Ajitsaria says its greatest impact may in fact be cultural.
"I think the single best decision we made was putting it physically in our London office", she says. That proximity, she believes, has helped foster a mindset shift. Lawyers across practice groups and levels of seniority are more likely to try new tools, offer feedback and think critically about the way they work.
"People walk past, meet cohort members - it's helped to develop and encourage people to be a bit more entrepreneurial, a bit more curious."
“Our people have really embraced Fuse and been prepared to give things a go even when they're not perfect. So they'll take a tool like Definely when it's in its early stages and they'll forgive some of the things that it can't do perfectly because they understand that that is just the stage of development at which Definely is at."
People walk past, meet cohort members - it's helped to develop and encourage people to be a bit more entrepreneurial, a bit more curious.
A culture of trying
Fuse is only one part of A&O Shearman’s broader innovation strategy. The firm has invested heavily in legal technology, including headline-making partnerships with companies like legal AI mega startup Harvey and the development of its own tools, like ContractMatrix. It previously spun out aosphere, a legal tech business that was sold to private equity firm Inflexion in 2023, in a deal that reportedly valued it at £200 million.
Ajitsaria credits much of this to leadership. Dejonghe, she says, created a culture of experimentation at the top that filtered throughout the firm.
"He gave the firm a culture of entrepreneurialism. He believed in giving things a go. Not everything will work. But if you learn something, that’s valuable too. He did an amazing, amazing job."
That willingness to take measured risks is part of what has helped the firm maintain a leading position as legal tech has evolved.
The Shearman merger
The merger with Shearman & Sterling has given A&O Shearman a bigger footprint, particularly in the US - a market that’s historically been harder for UK firms to penetrate, especially when it comes to brand recognition.
Ajitsaria sees the merger as a net positive for Fuse, particularly in terms of reach. "The big impact it has for me is that the firm is bigger. We have more heft in the US, which is great as a lot of legal tech is coming out of the US."
The new brand also carries more weight which is helping with conversations with would-be cohort members. "It's enormously effective when you say to a legal tech company, 'we're A&O Shearman'. They now understand that's something that they should consider getting on board with."
AI, client expectations and what comes next
While AI dominates headlines, Ajitsaria says it’s just one part of a broader shift.
"Is there too much AI? No. We haven’t even scratched the surface of what the real impact will be."
She says the firms that succeed with AI will be those that integrate it thoughtfully, balancing automation with usability, and staying focused on what clients actually need.
"Clients are starting to expect their firms to have a good understanding of tech, and to deploy it in a way that will give them the most accurate and efficient product. The bit that I think they still aren't demanding enough is using technology to deliver a better, more seamless customer experience."
Asked what part of law will be most disrupted, Ajitsaria hesitates. She thinks the question is too narrow..
"That's such a difficult question", she says. "Will courts operate the way they operate today in ten years' time? Probably not. Will you still need judges? Maybe, maybe not. What impact will that then have on litigation? It's really impossible to say."
The bit clients still aren't demanding enough is using technology to deliver a better, more seamless customer experience.
| Firm | London office since | Known for in London |
|---|---|---|
| Baker McKenzie | 1961 | Finance, capital markets, TMT |
| Davis Polk | 1972 | Leveraged finance, corporate/M&A |
| Gibson Dunn | 1979 | Private equity, arbitration, energy, resources and infrastructure |
| Goodwin | 2008 | Private equity, funds, life sciences |
| Kirkland & Ellis | 1994 | Private equity, funds, restructuring |
| Latham & Watkins | 1990 | Finance, private equity, capital markets |
| Milbank | 1979 | Finance, capital markets, energy, resources and infrastructure |
| Paul Hastings | 1997 | Leveraged finance, structured finance, infrastructure |
| Paul Weiss | 2001 | Private equity, leveraged finance |
| Quinn Emanuel | 2008 | Litigation |
| Sidley Austin | 1974 | Leveraged finance, capital markets, corporate/M&A |
| Simpson Thacher | 1978 | Leveraged finance, private equity, funds |
| Skadden | 1988 | Finance, corporate/M&A, arbitration |
| Weil | 1996 | Restructuring, private equity, leverage finance |
| White & Case | 1971 | Capital markets, arbitration, energy, resources and infrastructure |
| Law firm | Type | First-year salary |
|---|---|---|
| White & Case | US firm | £32,000 |
| Stephenson Harwood | International | £30,000 |
| A&O Shearman | Magic Circle | £28,000 |
| Charles Russell Speechlys | International | £28,000 |
| Freshfields | Magic Circle | £28,000 |
| Herbert Smith Freehills | Silver Circle | £28,000 |
| Hogan Lovells | International | £28,000 |
| Linklaters | Magic Circle | £28,000 |
| Mishcon de Reya | International | £28,000 |
| Norton Rose Fulbright | International | £28,000 |
This is a condensed version of our full length interview with Shruti Ajitsaria on The Non-Billable Podcast. View the episode page here.
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Freshfields Bruckhaus Deringer | £56,000 | £61,000 | £150,000 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Freshfields Bruckhaus Deringer | £56,000 | £61,000 | £150,000 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Ashurst | £57,000 | £62,000 | £140,000 |
| Bryan Cave Leighton Paisner | £50,000 | £55,000 | £105,000 |
| Herbert Smith Freehills | £56,000 | £61,000 | £135,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Travers Smith | £54,000 | £59,000 | £120,000 |
| Firm | Merger year | Known for in London |
|---|---|---|
| BCLP | 2018 | Real estate, corporate/M&A, litigation |
| DLA Piper | 2005 | Corporate/M&A, real estate, energy, resources and infrastructure |
| Eversheds Sutherland | 2017 | Corporate/M&A, finance |
| Hogan Lovells | 2011 | Litigation, regulation, finance |
| Mayer Brown | 2002 | Finance, capital markets, real estate |
| Norton Rose Fulbright | 2013 | Energy, resources and infrastructure, insurance, finance |
| Reed Smith | 2007 | Shipping, finance, TMT |
| Squire Patton Boggs | 2011 | Corporate/M&A, pensions, TMT |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Ashurst | £57,000 | £62,000 | £140,000 |
| Bryan Cave Leighton Paisner | £50,000 | £55,000 | £105,000 |
| Herbert Smith Freehills | £56,000 | £61,000 | £135,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Travers Smith | £54,000 | £59,000 | £120,000 |
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