Celebration, Pink Slips and Chance of Litigation Mark Steel Hector Merger

Steel Hector & Davis last week finalized a merger deal with Cleveland-based Squire Sanders & Dempsey amid the same air of bitterness that characterized the Florida-based firm's final year as an independent business: Managers celebrated with champagne, while pink-slipped staffers dubbed the occasion "Black Friday." While some hope the merger will end the turmoil surrounding an exodus of prominent partners, sources said there is a potential for litigation by partners concerned they won't get their equity pay.

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