Ed. note: Welcome to our daily feature, Quote of the Day.
Let’s be real. It’s not a merger, it’s an acquisition. They can say what they want, but [Shearman] had problems. Debt, pension plan overhang and partners leaving all play a part.
— An anonymous law firm leader, in comments given to the American Lawyer on the recently announced merger between Shearman & Sterling and Allen & Overy. Aside from having doubts about this combination being a merger in name only, the law firm leader said of Shearman and A&O joining together: “Coming off two broken mergers, they likely come into this with more intent and purpose. They won’t let little things get in the way and screw it up.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.