Kramer Levin Naftalis & Frankel’s merger talks with Herbert Smith Freehills were not the first time the firm has engaged in strategic discussions to grow. The New York firm has explored discussions with other firms to build scale and expand depth after two years of slower financial growth, sources say.

”Over the years, we have looked at various strategic alternatives for the firm, including ways to enhance organic growth and scale and to expand our depth and reach in our core practices to better serve our clients,” said Howard Spilko, the firm's co-managing partner, in an emailed statement.