Nixon Peabody and Stroock target summer merger deal, media report states
US law firms Nixon Peabody and Stroock & Stroock & Lavan are in merger talks with the ambition of announcing a tie-up in the summer, according to a media report.
The news, reported by Law.com citing sources with independent knowledge of the negotiations, follows a series of team exits from Stroock since the start of 2022, including the departure of a market-leading 43-strong restructuring group to Paul Hastings last spring.
A merger between New York-headquartered Stroock and the larger, Boston-based Nixon Peabody would create a firm with more than 800 lawyers and revenue in the region of $800m. Stroock currently has offices in Los Angeles, Miami and Washington DC as well as New York, while Nixon Peabody’s footprint covers 15 offices, including four international bases in London, Singapore, Hong Kong and Shanghai.
Neither firm would confirm the talks, although a Stroock spokesperson commented: “As we have previously reported to the media, growth is our number one priority. Scale is undoubtedly important in the legal industry. We are talking to individuals, groups and firms every day. Should a strategic combination or other arrangement come to fruition, we would announce it as appropriate, but we have no comment on rumors or other speculation.”
Stroock has already held discussions with firms including McGuireWoods, Steptoe & Johnson and Squire Patton Boggs, but the prospects of a deal have been hampered by pensions liabilities and Stroock’s accruals accounting system, according to Law.com.