After failed merger talks and partner exodus, Stroock plans to dissolve
Partners at Stroock & Stroock & Lavan have authorized a dissolution of the law firm “at the appropriate time.” Image from Shutterstock.
Updated: Partners at Stroock & Stroock & Lavan have authorized a dissolution of the law firm “at the appropriate time,” according to an internal firm email obtained by Law.com.
Partners voted on the dissolution Oct. 24, Law.com reports. The email said the executive committee will soon implement the dissolution vote.
News of Stroock’s troubles has been unfolding over the last several days.
Pillsbury Winthrop Shaw Pittman announced Oct. 26 that it was ending merger talks with Stroock, citing “immediate financial and other risks” that clashed with Pillsbury’s long-term objectives.
Stroock also released a statement.
“Given our current options, after careful consideration, we also concluded that a Pillsbury-Stroock combination was not the right path for us,” the statement said.
Then came news Oct. 27 that more than 30 Stroock partners were joining Hogan Lovells, a number that amounts to more than half of Stroock’s partnership.
The departing lawyers include Stroock’s “prized real estate team” and the firm’s co-managing partner Jeff Keitelman, according to previous reporting by Law.com. Keitelman is co-chair of the real estate group.
The exact number of lawyers moving to Hogan Lovells has not yet been announced. The internal Stroock email said the firm thinks that the Hogan Lovells lawyer acquisition “will offer the best opportunities and growth potential for the most members of our firm.”
Stroock’s partnership loss to Hogan Lovells followed the departure of more than 40 bankruptcy lawyers for Paul Hastings last year. Stroock had also discussed a merger with Nixon Peabody, but those talks ended in early July.
See also:
“27 lawyers leave Stroock as it continues to seek merger partner”
“Stroock takes step to make itself more attractive merger partner”
Updated Oct. 31 at 2 p.m. to add Stroock & Stroock & Lavan’s statement on the end of merger talks.
