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Months after discontinuing merger discussions with Nixon Peabody, Stroock & Stroock & Lavan have resurfaced with new plans. This time, they are in talks with Pillsbury Winthrop Shaw Pittman, another prominent New York-based law firm. In a joint announcement, both firms have confirmed that they are exploring potential collaboration.
Exploring New Horizons: Pillsbury’s Statement
Pillsbury issued an official statement declaring they are actively “evaluating opportunities” with Stroock. The firms have initiated by signing a non-exclusive letter of intent, which serves as a foundation for their ongoing discussions. Stroock’s spokesperson, meanwhile, revealed that they are engaging with Pillsbury to explore “potential synergies.”
Past Merger Endeavors: Stroock’s History
Twists and turns have marked Stroock’s recent merger journey. The firm’s merger discussions with Nixon Peabody ended in July, with Stroock emphasizing that these discussions were never exclusive. Since then, Stroock has diligently continued to explore merger possibilities with various other firms.
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Navigating the Complex Path of Legal Mergers
It is not unusual for law firms to engage in merger talks that do not ultimately materialize. Factors such as client conflicts and misalignments can easily disrupt negotiations in the legal industry.
Stroock’s Evolution: A Year of Change
Reports indicate that Stroock has been actively exploring merger options for over a year. In 2022, more than 40 restructuring lawyers left the firm to join competitor Paul Hastings. Additionally, several teams of Stroock lawyers have departed in recent months, finding new homes in firms such as Steptoe & Johnson and Morgan, Lewis & Bockius. Currently, Stroock, with its four U.S. offices, boasts a roster of approximately 150 lawyers.
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Clearing the Path: Stroock’s Recent Milestone
In a significant move, Stroock successfully overcame a potential merger obstacle by entirely securing its pension obligations in a buyout last month.
Pillsbury’s Expansive Reach
With a global presence of approximately 20 offices and a legal team of over 700 lawyers, Pillsbury has a history of mergers that have shaped its current stature.
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