Shearman & Sterling and Hogan Lovells have decided not to pursue a merger, according to a joint statement sent Thursday evening from a Shearman spokesman.

“As has been widely reported, our firms have been in preliminary and exploratory conversations regarding a possible combination. After careful consideration, we have mutually agreed that a combination at this time is not in the best interest of either firm. We have been deeply impressed with each other’s business, practices and people and wish each other continued success,” the statement said.