It's one of the toughest battles in the game. If you're doing this on core it's a real challenge.
Buff yourself up first, while in the foyer. Haste, Protection from Magic, Defensive Harmony, Stoneskin, etc. Negative Plane Protection and Chaotic Commands on a fighter will help him defeat Shyressa the vampire, since he won't be dominated or level drained.
Use some summoned cannon fodder to take the brunt of the beholder and vampire melee attacks. Summon animals, skeletons, anything that will keep them from getting to you. Choose your ground - stay in the alcove where Shangalar teleports to and focus your efforts on him, keepimg the summonings in between you and the rest of the Rune members. You can summon up to 5 critters at any one time and make sure you max this up. If you venture into the room you will probably get slaughtered.
Make sure you cast True Sight so you don't get backstabbed and so that you can see where the female mage is. She will summon a pit fiend who will then attack her (unless you have ToB installed) so you don't have to worry about her.
Cast Lower Resistance, Greater Malison and Warding Whip/Remove Magic or some other spell protection disabler on Shangalar to get rid of his Mantle. Your weapons (and your melee fighters) will be useless otherwise. Once his Mantle and Stoneskin is gone Shangalar can be dispatched quite quickly by a hasted fighter.
Once you get rid of Shangalar try and draw the others into the alcove one at a time. If your summonings are still alive then have them do a fighting withdrawal into the alcove where you can hopefully dispatch them one by one. The female mage and the elder orb probably won't move, so you can worry about them last.
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