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One of the main hurdles for the Allen & Overy and Shearman & Sterling merger was the New York firm's pension, as Allen & Overy was facing the prospect of a large liability that would make the merger undesirable, according to sources who declined to be identified in order to speak candidly. However, Shearman made the merger more feasible when firm leadership approached more than 150 retired Shearman partners who had a pension to make adjustments, a source familiar with the process said.
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December 11, 2023, 4:00 AM