Stroock takes step to make itself more attractive merger partner
August 9, 2023, 2:39 pm CDT
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“We are optimistic about achieving a desired merger,” said Stroock & Stroock & Lavan in a statement by Alan Klinger, a co-managing partner. Image from Shutterstock.
Stroock & Stroock & Lavan hasn’t given up on the idea of a merger.
The law firm has authorized a buyout of its pension and obtained the necessary votes of retired partners to adopt the plan, report Reuters, Law.com and Law360.
“Now having secured the votes needed to end our pension obligation, we are optimistic about achieving a desired merger,” said the firm in a statement by Alan Klinger, a co-managing partner.
Stroock had been in merger talks with Nixon Peabody, but Stroock said July 7 the talks had ended. Its statement at that time said Stroock was also discussing opportunities with other firms, and the Nixon Peabody talks “were never exclusive.”
Stroock announced approval of the pension buyout Monday, the same day that Morgan, Lewis & Bockius said it hired five restructuring and finance partners from Stroock. The lawyers had joined Stroock in August 2022 following Stroock’s loss of 43 restructuring lawyers to Paul Hastings in March 2022.
Stroock also lost 27 lawyers to Steptoe & Johnson in late July.
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