Iconic 147 Year Old Law Firm In NY To Shut Down
The closure of Stroock & Stroock & Lavan LLP marks a significant shift in New York City’s legal fabric, as the venerable institution has been part of the city’s professional landscape since the late 19th century. The firm’s dissolution, confirmed by the issuance of a WARN notice, is a stark reminder of the volatile nature of the legal industry, which has seen considerable consolidation and change in recent years.
The WARN notice, serving as an official declaration, sets the closure date for January 30, 2024, and notes that 138 employees will be impacted. This notice not only fulfills legal requirements to inform employees in advance of significant layoffs but also underscores the human element of the firm’s end—lives and careers are being redirected.
The firm’s storied history includes pivotal roles in various sectors, notably real estate and bankruptcy law. Its legacy is filled with high-profile cases and influential legal precedents. However, like many long-standing firms, Stroock & Stroock & Lavan LLP has not been immune to the pressures of the modern legal market. The revelation from an internal email about the partners’ vote to dissolve the firm speaks to internal dynamics and strategic decision-making that weigh heavily on a firm’s survival.
The challenges leading up to the closure appear multifaceted. While the firm’s revenue was reported at $250 million in 2022, which would typically indicate a robust practice, its inability to retain partners and secure a merger with another law firm contributed to its downfall. The legal industry often relies on mergers for growth and stability, and Stroock’s unsuccessful merger talks—most recently with Pillsbury Winthrop Shaw Pittman and past discussions with Nixon Peabody—highlight the difficulties even established firms face in finding a sustainable path forward in a competitive market.
Moreover, the transition of more than 30 Stroock partners to Hogan Lovells represents a significant talent migration, one that further demonstrates the firm’s concluding chapter and the scattering of its legacy into other legal entities.
As January 30, 2024, approaches, Stroock & Stroock & Lavan LLP will not only be concluding its business operations but also wrapping up a significant historical narrative within New York City’s legal history. The firm’s dissolution signifies not just the end of an era for its employees and partners but also for the broader legal community, which must now adapt to the absence of a once-stalwart institution.
