The Am Law 100’s Stroock & Stroock & Lavan, a firm with about 75% of its 750 lawyers in New York, saw profits per partner drop by 8.6%, to $1,185,000 last year.
Stroock’s gross revenue dropped 6.7% to $270 million, a larger drop than most firms.
Stroock has added several recent laterals, including a four-lawyer intellectual property group from Jenner & Block.
The firm has carefully managed expenses, canceling its holiday party, limiting travel when possible, and trimming head count from 369 to 350. The firm is not ruling out layoffs or salary freezes for 2009.
Stroock & Stroock & Lavan LLP is based in New York City, with approximately 350 lawyers in three offices, the other two being Miami and Los Angeles. It was founded in 1876.