Stroock & Stroock & Lavan, following unsuccessful merger discussions with several law firms, announced on Thursday its intention to eliminate a significant hurdle on the path to a partnership deal. In a substantial move, the firm’s partnership has authorized a full pension buyout. This decision is aimed at managing the complexities that an accrued pension could present to obligations of a combined firm post-merger.
As observed by
Law.com, the firm’s pension indeed can raise difficulties related to the responsibility that a merged law firm must assume post-merger. By opting for a complete pension buyout, Stroock & Stroock & Lavan hopes to eliminate these concerns, thus paving the way for more successful merger discussions in the future.
Alan Klinger, firm co-chair, voiced optimism regarding approval of the move, clarifying that “a vote of the retired partners is in progress. We are optimistic about its success.” Thus, the firm’s senior partnership appears set on this course of action in their quest to smooth the merger process.
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Law.com.