After being in business for more than 147 years, Stroock, Stroock, and Lavan, LP is closing it’s doors. The Big Law firm partnership has voted to dissolve after a failed merger and a number of lawyers left for Hogan Lovells and other shops.
Stroock was founded in 1876 by M. Warley Platzek at 176 Broadway as a solo practice. Fast forward to 2022, the firm featured 222 lawyers with revenue of $250M. But a series of departures —— a chunk of their bankruptcy practice to Paul Hastings and others to Steptoe & Johnson —— helped lead to a big decline of the firm. Eventually there was an attempt to merge with Pillsbury Winthrop, but that failed. Coupled with another big departure of partners to Hogan Lovells and it spelled the end for Stroock.
The verdict:
It may make sense to diversify your outside counsel panel, as this could really happen to any one of your law firm vendors.
