Dechert represented nonprofit Steppingstone Scholars, on a pro bono basis, in its agreement to merge with Philadelphia Futures. The merger creates one of the most expansive educational nonprofits in the City of Philadelphia and will work to ensure that all Philadelphia students graduate high school with pathways to economic mobility through college and workforce success.
When the merger closes, the organizations will rebrand as a new, yet-to be-named entity.
The merged entity will serve 3,000 Philadelphia high school students and create more access to academic and workforce opportunities, especially for Black, Latino, and first-generation students. The new entity will have a combined endowment of $30 million, which will strengthen its long-term financial position.
Since 1999, Steppingstone Scholars has used equity as its driving force to provide underserved students in Philadelphia, especially Black and Latino students, with sustainable access to academic and workforce opportunities. Philadelphia Futures is a non-profit organization that supports Philadelphia’s low-income, first generation-to-college students with the tools, resources, and opportunities necessary for admission to and success in college.
The Dechert team representing Steppingstone was led by partner James Lebovitz and associate Ahmed Bahgat with assistance from counsel Megan Horwitz and partners Howard Klein and Michael Lehmann.