Legislation Corporations
After finish to merger talks, Stroock loses greater than half of its companions; is regulation agency’s viability in danger?
Departing attorneys at Stroock & Stroock & Lavan embrace Stroock’s “prized actual property group” and the regulation agency’s co-managing companion Jeff Keitelman. Picture from Shutterstock.
Greater than 30 companions at Stroock & Stroock & Lavan are becoming a member of Hogan Lovells, a quantity that quantities to greater than half of Stroock’s partnership.
The transfer was introduced Friday, a day after Pillsbury Winthrop Shaw Pittman and Stroock & Stroock & Lavan ended “nonexclusive” merger talks, report Law.com, Bloomberg Law and Law360.
It was the second time that Stroock failed to succeed in a merger deal since July.
The departing attorneys embrace Stroock’s “prized actual property group” and the regulation agency’s co-managing companion Jeff Keitelman, based on Legislation.com. Keitelman is co-chair of the true property group.
Hogan Lovells CEO Miguel Zaldivar instructed Legislation.com that he couldn’t present actual figures on the variety of companions it’s buying earlier than agreements are signed. The group may embrace associates, counsel and employees members, he stated.
The information isn’t good for Stroock, based on Legislation.com.
“Many observers have stated {that a} lateral exit of the agency’s actual property observe would have perilous penalties for Stroock’s viability,” the publication reviews.
Pillsbury had introduced the top of merger talks with Stroock in an Oct. 26 assertion, based on previous reviews by Bloomberg Law, Reuters, Law.com and Above the Law.
“We thought of completely different choices, together with a mix and a lateral acquisition however finally decided that we couldn’t attain an settlement that adequately balanced Pillsbury’s long-term strategic goals with the extra speedy monetary and different dangers concerned,” the Pillsbury assertion stated.
Stroock additionally launched a press release concerning the top of merger talks, based on the publications.
“Given our present choices, after cautious consideration, we additionally concluded {that a} Pillsbury-Stroock mixture was not the best path for us,” the assertion stated.
Each statements praised the standard of the opposite agency’s attorneys whereas wishing them and their skilled employees the perfect.
Stroock’s partnership loss to Hogan Lovells adopted the departure of greater than 40 chapter attorneys for Paul Hastings final 12 months. Stroock had additionally mentioned a merger with Nixon Peabody, however these talks ended in early July.
See additionally:
“27 lawyers leave Stroock as it continues to seek merger partner”
“Stroock takes step to make itself more attractive merger partner”
