November 02, 2023: Stroock, Stroock & Lavan, a New York-based law firm with a 147-year history, will dissolve after a series of partner departures and a failed attempt to merge with a more prominent firm.
Stroock’s remaining partners voted on October 24 to authorize the firm’s executive committee to “dissolve the firm at the appropriate time.” The executive committee is expected to implement that vote in the coming weeks.
Stroock, which had over 200 lawyers last year, has been struggling to compete with larger, more profitable firms in recent years. A series of partner departures have also hit the firm in recent months.
In October, more than 30 partners from Stroock announced plans to join Hogan Lovells, a global law firm with over 2,500 lawyers. The defection of the Stroock partners was seen as a significant blow to the firm.
Stroock’s dissolution is the latest sign of the consolidation taking place in the legal industry. In recent years, several smaller law firms have merged with larger firms to compete for clients and talent.
Implications for Stroock’s Clients and Employees
Stroock’s clients are expected to be contacted by their lawyers in the coming weeks to discuss their options. Stroock’s employees are also expected to be contacted by the firm to discuss severance packages and other matters.
It is still being determined how many of Stroock’s clients will remain with the firm’s lawyers after the firm dissolves. Some clients may choose to follow their lawyers to their new firms, while others may decide to switch to other law firms.
Stroock’s employees are also facing uncertain futures. Some employees may be able to find jobs at other law firms, while others may need to find work in other industries.
The dissolution of Stroock & Stroock and Lavan is the end of an era for the New York-based law firm. The firm has a long and distinguished history, but it has yet to compete with larger, more profitable firms in recent years.
Stroock’s dissolution is also a sign of the consolidation taking place in the legal industry. In recent years, several smaller law firms have merged with larger firms to compete for clients and talent.