Nixon Peabody and Stroock & Stroock & Lavan have walked away from merger talks, the law firms confirmed Friday.
“While we have great mutual respect for what we each offer the marketplace, together we decided that further talks are not in the best interests of either firm,” a Stroock spokesperson said in an email statement.
The Manhattan-based firm has for months explored a possible merger with multiple competitors amid a growing number of partner departures. The American Lawyer reported in May that Stroock had planned to merge with Nixon Peabody, eyeing a combination this summer.
The Stroock spokesperson said Friday that the Nixon Peabody talks “were never exclusive.”
“We have continued talks with other firms, we are making good progress with them and are excited about the opportunities they present,” the spokesperson said.
Stroock is best known for its restructuring and real estate practice. The firm saw its gross revenue drop to $250 million in 2022 from $274 million the year prior, according to AmLaw data.
The firm has been linked to merger talks since more than 40 of its restructuring lawyers left for Paul Hastings last year.
The firm has also discussed a tie-up with Steptoe & Johnson, McGuireWoods, and Squire Patton Boggs.
Stroock declined to comment on the status of those talks.
“We have discussions regularly with other law firms on matters relating to the profession and areas of mutual interest,” Nixon Peabody said in a statement.
“In the ordinary course, we consider growth opportunities that are consistent with our strategic objectives and in the best interests of our clients,” the firm said.
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