Stroock & Stroock & Lavan LLP, an Am Law 100 firm that has seen its share of lawyer attrition since parting ways with Nixon Peabody, is currently in discussions with another high-ranking firm, Pillsbury Winthrop Shaw Pittman LLP. Despite its issues, Stroock was able to remedy its substantial pension problems and has been exploring proposals for a merger, with Pillsbury as the latest potential partner.
As reported by the American Lawyer, Stroock and Pillsbury have reached an agreement to a non-exclusive letter of intent to merge. Pillsbury’s 2022 gross revenue surpassed $751 million which secured it 65th place in the most recent Am Law 100 ranking.
In a statement, Pillsbury affirms their active evaluation of the merger opportunities with Stroock. “We consider all growth opportunities presented to us, including potential lateral groups and combinations. We are currently evaluating opportunities with Stroock,” read the statement. They also acknowledged signing a non-exclusive LOI to aid in structuring the ongoing discussions.
A spokesperson from Stroock confirmed the discussions but withheld comments on the LOI. “We continue to explore various opportunities,” the spokesperson said. “We can confirm that we are talking with Pillsbury about potential synergies.”
The potential merger has elicited concerns and anticipations. Notably, former Stroock employees and industry insiders have expressed doubts about the firm’s ability to survive the year without a successful merger. The merger, if successful, will bring an international dimension to Stroock, significantly expanding its reach.
Further details of this development can be found in the complete report by American Lawyer.