Ailing Firms Value Independence, Autonomy Over Survival, Delaying Vital Merger Talks
Philadelphia's Schnader Harrison is the latest example of a firm that would have been better off acting sooner rather than later.
August 18, 2023 at 12:07 PM
5 minute read
The original version of this story was published on The Legal Intelligencer
It's no surprise that financially healthy midsize firms' desire for autonomy leads them to reject merger offers, and yet partners' preference for independence can prevent firms from seeking mergers until it is too late for the firm to survive.
Once a Philadelphia stalwart, Schnader Harrison Segal & Lewis offers the latest example of failed merger talks occurring in the final months of firm operations, with sources indicating the firm was in the midst of merger talks in late May and early June. Following in the footsteps of firms such as WolfBlock and Heller Ehrman, the firm is now slated to dissolve at the end of the month in the aftermath of the failure of those talks.
Although the reasons behind Schnader's failure to find a willing merger partner are unclear, the question remains: Why did the firm wait until two months before its eventual dissolution to try and merge?
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