Firm Lays off Nine Lawyers and 18 Staff After Comprehensive Review of Practice Groups
Stroock & Stroock & Lavan, one of the largest law firms in the United States, has recently announced layoffs of nine associates and 18 staff members as the firm look to right-size amid what it called a “slowdown” in the legal industry. This move comes after a number of other firms have taken similar steps in the wake of a down year in the legal sector.
The layoffs at Stroock & Stroock & Lavan resulted from a “comprehensive review” of the firm’s practice groups and the demand they anticipate for the foreseeable future, the firm said in a statement. The firm stated, “In light of the current slowdown, we determined that we had more attorney and staff resources than we needed for the foreseeable future. Therefore, we decided to separate from nine non-partner attorneys and 18 staff/business professionals, with severance and other support being provided to help ease the transition. We wish our colleagues the best in their future endeavors.”
The economic slowdown has hit the legal industry hard, with several firms experiencing layoffs. Firms such as Goodwin Procter, Kirkland & Ellis, Cooley, and Gunderson Dettmer have all announced layoffs in recent months. Many of these layoffs have been at firms heavily weighted towards technology clients, which have themselves slashed budgets and laid off employees.
Firms have often cited an attempt to right-size their lawyer headcounts following a boom in hiring during a record-setting 2021, powered by mergers and acquisitions and capital markets practices. In 2021, the legal industry saw a surge in demand for legal services as a result of the increased activity in the M&A and capital markets sectors. However, as the economy slows, many firms have found themselves with excess capacity, leading to the current layoffs.
Stroock & Stroock & Lavan is the 128th largest law firm by revenue in the US according to AmLaw data, bringing in $274 million. The firm punches above its weight from a profitability perspective, with its partners earning $2.3 million on average.
Last year, the firm saw dozens of bankruptcy lawyers depart for Paul Hastings, including nearly 20 partners. Lawyers from that group last month won a plum position as lead lawyers for the creditors' committee in the cryptocurrency exchange FTX’s Chapter 11 bankruptcy. Stroock responded months later by hiring six restructuring attorneys from Luskin, Stern & Eisler in New York.
The current round of layoffs at Stroock & Stroock & Lavan reflects the current state of the legal industry. With the economy slowing and demand for legal services decreasing, firms are being forced to make difficult decisions to stay afloat. While it is never easy to lay off employees, these actions are necessary for the firm's long-term survival. The firm wishes all those affected by the layoffs the best in their future endeavors.
In conclusion, Stroock & Stroock & Lavan has recently announced layoffs of nine associates and 18 staff members as the firm looks right-size amid what it called a “slowdown” in the legal industry. The firm cited a “comprehensive review” of the practice groups and the demand they anticipate for the foreseeable future as the reason for the layoffs.
About Harrison Barnes
Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.
With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.
Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.
Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.
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One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.
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Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.
In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.
About BCG Attorney Search
BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.
Harrison Barnes does a weekly free webinar with live Q&A for attorneys and law students each Wednesday at 10:00 am PST. You can attend anonymously and ask questions about your career, this article, or any other legal career-related topics. You can sign up for the weekly webinar here: Register on Zoom
Harrison also does a weekly free webinar with live Q&A for law firms, companies, and others who hire attorneys each Wednesday at 10:00 am PST. You can sign up for the weekly webinar here: Register on Zoom
You can browse a list of past webinars here: Webinar Replays
You can also listen to Harrison Barnes Podcasts here: Attorney Career Advice Podcasts
You can also read Harrison Barnes' articles and books here: Harrison's Perspectives
Harrison Barnes is the legal profession's mentor and may be the only person in your legal career who will tell you why you are not reaching your full potential and what you really need to do to grow as an attorney--regardless of how much it hurts. If you prefer truth to stagnation, growth to comfort, and actionable ideas instead of fluffy concepts, you and Harrison will get along just fine. If, however, you want to stay where you are, talk about your past successes, and feel comfortable, Harrison is not for you.
Truly great mentors are like parents, doctors, therapists, spiritual figures, and others because in order to help you they need to expose you to pain and expose your weaknesses. But suppose you act on the advice and pain created by a mentor. In that case, you will become better: a better attorney, better employees, a better boss, know where you are going, and appreciate where you have been--you will hopefully also become a happier and better person. As you learn from Harrison, he hopes he will become your mentor.
To read more career and life advice articles visit Harrison's personal blog.
