Months after law firms Stroock & Stroock & Lavan and Nixon Peabody ended discussions for a possible merger, Stroock and another New York-headquartered firm, Pillsbury Winthrop Shaw Pittman, said Thursday that they are engaged in talks of their own.
Pillsbury said in a statement that it is “evaluating opportunities” with Stroock and that the firms have signed a non-exclusive letter of intent to “help frame the discussion.” A Stroock spokesperson said it is talking with Pillsbury about “potential synergies.”
While the two firms did not explicitly confirm the talks are toward a traditional merger, the American Lawyer reported the letter of intent is to form a single firm, citing people familiar with the negotiations.
Stroock’s merger talks with Nixon Peabody fizzled in July. A Stroock spokesperson at the time said discussions with the Boston-founded firm “were never exclusive” and that Stroock has made continued progress on discussions with other firms.
It is not uncommon for law firms to begin talks for a merger that does not come to fruition, as client conflicts and other potential mismatches can derail discussions.
Stroock has reportedly discussed potential mergers with several other firms since at least last year, when a group of more than 40 restructuring lawyers left to join rival law firm Paul Hastings.
Other teams of Stroock lawyers have departed since this spring to competitor law firms, including groups to Steptoe & Johnson and Morgan, Lewis & Bockius. Stroock, which has four U.S. offices, currently lists about 150 lawyers on its website.
Removing a potential merger roadblock, Stroock was able to move forward last month with a complete buyout of its pension obligations.
Pillsbury, which has more than 700 lawyers in about 20 offices globally, is the result of several mergers throughout its history.
Source: Reuters.com