The venerable law firm, Stroock & Stroock & Lavan, has announced that they’ll be laying off 138 employees in the upcoming months as part of their wind-down process. The Manhattan-based firm, with a remarkable history dating back nearly 150 years, filed a “Warn Act” notice with the New York Labor Department on Nov. 1, revealing their intentions to let nearly 140 employees go by Jan. 30, 2024.
This announcement is closely tied with the firm’s impending closure, following a recent vote by partners to end the firm’s operations. Despite several merger discussions involving high-profile firms such as Nixon Peabody and Pillsbury Winthrop Shaw & Pittman, none proved to be successful. Stroock, unfortunately, had been living on borrowed time after facing a significant outflow of partner talent leading to the sad end of the law firm.
The Stroock spokesman at the time of the filing did not respond to a request for comment about the employees who are going to be affected by this decision. Clearly, this is a challenging time for everyone associated with the firm and these layoffs are indicative of the turmoil faced by the modern corporate law industry.
For more detailed analysis, read the entire piece at Bloomberg Law.