Co-managing partner Alan Klinger said in a statement that Stroock's partnership has "authorized a complete buyout of the pension." The buyout is subject to a vote among the firm's retired partners, which Klinger said is in process.
"We are optimistic about its success," Klinger said. The vote deadline is August 8. A Stroock spokesperson declined to comment on the percentage of retired partners that would be needed to approve the plan. "This will remove a major obstacle to us accomplishing a desired combination," Klinger said. "We are grateful to our retiree community, who understands the need and is stepping up to support the firm."
The current size of the pension is around $6 million annually, according to the firm spokesperson. The pension at its highest point was just upward of $8 million annually, the spokesperson said.Stroock has reportedly discussed potential mergers with several other law firms since at least last year, when itStroock recently was engaged in merger talks with Boston-founded Nixon Peabody, but the firmslast month.
The firm has seen a string of partner departures this year. Several teams of lawyers across practice areas have left for rival firms, including a team of 27 lawyers whoThe American Lawyer first reported Stroock's pension buyout plan earlier on Friday.
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