Biglaw

Stroock Reportedly Cut Pay, Hours As It Struggled To Find Merger Partner

Yikes. Wonder what the firm's finances are looking like right now....

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bonus money low bonuses poor empty pockets sad upset lawyer businessmanStroock & Stroock & Lavan may have found its (latest) “non-exclusive” match in Pillsbury Winthrop, but the firm had been leaking lawyers like a sieve ever since it broke up with Nixon Peabody, and news now comes that the firm had reportedly cut pay and hours for its most senior staff members while in search for another business suitor.

The American Lawyer provides additional details on these rumors of the firm’s fraught finances:

Some staff have seen their pay cut by as much at 60%, sources said, and certain teams are working on a near skeleton staff. It’s unclear whether the firm has reinstated any hours and pay to those affected since July.

Law.com previously reported that two senior staffers and one junior staffer departed the firm in August. It’s not clear whether those departures are related to the whittling of pay and hours for senior staff.

Recall that Stroock conducted layoffs among both staff and attorneys to kick off 2023, and that was just the start of the firm’s personnel losses. Considering all of attorneys and staff who have left since then, and with pay cuts now on the table, it’s no wonder that former employees saw the firm headed for certain disaster without a viable merger partner.

Once again, best of luck to Stroock as it embarks on yet another merger journey — it sounds like the firm could use all the luck it can get.

Stroock Cut Pay and Hours of Senior Staff as Merger Talks Dragged On [American Lawyer]

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Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.

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