Revenue and Profits Decline at Stroock

Stroock & Stroock & Lavan had another down year in 2009, according to a report from The AM Law Daily. Profits per equity partner fell to $1.067 million from $1.185 million in 2008 and gross revenue declined to $263 million in 2009, a five percent decrease from the $277 million brought in the previous year.

Stroock’s executive director, Harvey Brown, told the law blog that the hiring of 11 new lateral partners in 2009 negatively affected the financials of the firm, which is typically conservative with its lateral hires. He added that there are no plans for further layoffs at the firm. Stroock & Stroock & Lavan LLP is based in New York City, with approximately 350 lawyers in three offices, including Miami and Los Angeles. It was founded in 1876.