In a strategic move aimed at increasing its appeal for potential merger partners, the law firm Stroock & Stroock & Lavan recent activities show a growing urge to merge. The firm recently secured a vote by its retired partners, permitting the firm to drop its pension obligations. This move comes amidst a steady exodus of partners, including a recent departure of five restructuring partners to Morgan Lewis.
The actions of the firm appear to be a positive progress towards making itself more attractive for a merger. American Lawyer quoted the firm stating: “Now having secured the votes needed to end our pension obligation, we are optimistic about achieving a desired merger.”
Previous merger conversations with other legal powerhouses such as McGuireWoods, Steptoe & Johnson, Squire Patton Boggs, and Nixon Peabody did not materialize. However, with the recent move to end its pension obligations, there might be a hint of optimism for the future merger prospects of Stroock & Stroock & Lavan.
Details of the recent move were featured in an article titled: “As More Partners Leave, Stroock Votes to End Pension Obligation” as covered by American Lawyer.
The restructuring of pension liabilities by law firms for merger possibilities is a development that couldn’t be more pertinent for legal professionals across the globe.