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.