Schnader Harrison Segal & Lewis’ decision to dissolve after nearly 90 years came in the wake of failed merger talks and a declined credit extension from its bank, according to a notice shared by the firm with Pennsylvania and Philadelphia authorities.
Multiple sources familiar with discussions speaking on condition of anonymity indicated that mid-Atlantic firm Dilworth Paxson expressed interest in potentially merging with Schnader, although Dilworth chairman Lawrence McMichael denied these claims. McMichael did note, however, that his firm was looking to bring on a group of former Schnader attorneys, although he did not provide further details.
