Following the collapse of Coudert Brothers’ merger negotiations with Baker & McKenzie (B&M), Coudert partners yesterday voted to release its partners from their fiduciary duties.
This will allow partners to go to other firms and to solicit clients. The next step is a formal dissolution.
It is understood that following due diligence B&M decided that not enough of Coudert’s offices were attractive enough to warrant a full merger.
After Orrick Herrington & Sutcliffe plundered Coudert’s London and Moscow offices the firm has been examining its options. It dumped its German and San Francisco offices in an attempt to become more merger-friendly. But partners kept leaving. More than 40 have fled during the last five months and a merger deal with B&M was the final option.
A Baker & McKenzie spokesperson declined to comment. Coudert could not be reached for comment.