Orrick, Herrington & Sutcliffe and Dewey Ballantine have aborted their merger amid mounting differences. "We jointly decided that given where we were on certain issues, it was time to decide or move on," said Dewey Chairman Morton Pierce. A source said there were three major sticking points: disagreements over management and governance at the new firm, and concern over Dewey's unfunded retirement benefits and over defecting Dewey partners, more than 10 of whom have left since news of merger talks surfaced.
Orrick and Dewey Cancel Merger Amid Growing Differences
January 5, 2007