On Wednesday, Steptoe & Johnson LLP, a prominent U.S. law firm headquartered in Washington, D.C., announced a major recruitment initiative, hiring a substantial group of lawyers from the well-established New York-based firm, Stroock & Stroock & Lavan. This comes amidst Stroock’s series of departures this year as the firm explores the possibility of a potential merger.
The recruitment drive has seen Steptoe welcome 35 individuals from Stroock, comprising 27 lawyers and eight business professionals, according to a spokesperson from Steptoe. The acquisition includes several key practice leaders from Stroock, which is set to bolster Steptoe’s financial services, class action defense, and insurance and reinsurance practices in key locations such as New York, Los Angeles, and Chicago.
Interestingly, this significant departure from Stroock occurs at the same time when the firm was reportedly in negotiations with Nixon Peabody towards a proposed merger. However, the talks between the two firms have been called off. Stroock has reportedly engaged in discussions regarding potential mergers with multiple other firms, dating back to at least last year when it experienced a loss of 43 restructuring lawyers to Paul Hastings in March 2022.
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Despite the departures, a spokesperson from Stroock maintains a positive outlook, stating that their primary and most profitable practices remain unaffected and are still delivering top-notch service to their clients. The spokesperson further reveals that the discussions with other firms are ongoing and progressing well.
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The lawyers joining Steptoe include prominent figures such as Julia Strickland, formerly the managing partner of Stroock’s Los Angeles office and head of the firm’s national financial services litigation, regulation, and enforcement group. Another notable exit is Michele Jacobson from New York, who previously served as the chair of Stroock’s general litigation practice. Additionally, she co-chaired the insurance and reinsurance group alongside Robert Lewin, who is joining Stroock as senior counsel.
Other partners from Stroock making the transition to Steptoe include Stephen Newman, a seasoned class action defense lawyer, and Chris Fredrich, a lawyer specializing in financial institutions-focused civil litigation, both based in Los Angeles. Andrew Owens, a legal professional with expertise in financial services regulatory and public policy, will also be joining Steptoe in New York.
While Stroock has experienced significant departures this spring, including two insurance litigation partners, ten consumer financial services lawyers, a trio of private client lawyers, and five intellectual property litigators, the firm remains resilient and optimistic about its future prospects.
As the legal landscape continues to evolve, mergers and acquisitions among law firms have become increasingly common, driven by the pursuit of enhanced capabilities, broader geographic reach, and increased market competitiveness. For both Steptoe and Stroock, these recent developments mark crucial milestones in their respective growth strategies.
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