Pillsbury and Fulbright Merger Talks Reportedly Off 'Fast Track'; Unfunded Pension an Issue
Posted Feb 21, 2012 11:30 am CST
Merger talks between Pillsbury Winthrop Shaw Pittman and Fulbright & Jaworski have reportedly slowed amid questions about an unfunded retirement plan at Fulbright.
The pension plan is one of two issues cooling down the talks, two sources tell the Daily Journal (sub. req). The other: questions about the successor to Steven Pfeiffer when he eventually steps down as chair of Fulbright’s executive committee.
The firm reportedly froze the plan in 2010 so no more lawyers could benefit. Still, unfunded pensions could create “huge liabilities” for junior partners, a source tells the Daily Journal.
Merger talks are not on a “fast track” right now, according to one consultant interviewed. “It’s just not full speed ahead,” the source tells the Daily Journal.