Stroock Law Firm Confirms Dissolution

NEW YORK, Nov. 29, 2023 /PRNewswire/ -- The law firm Stroock & Stroock & Lavan LLP ("Stroock") today confirmed it is winding down its affairs pursuant to resolutions approved by its partnership and executive committee.  The Stroock Plan of Dissolution, which was adopted by the firm and became effective on November 17, named Gary Polkowitz, a Senior Managing Director of Teneo a global CEO advisory firm, as Liquidation Manager responsible for overseeing the winddown of the firm.  Mr. Polkowitz has no prior relationship with Stroock.  Mr. Polkowitz will be overseen by a three-person Winddown Committee made up of retired partners Mark Wintner and Bruce Schneider and former partner Claude Szyfer.  The former executive committee ceased to function upon the effective date of the Dissolution Plan. 

The Dissolution Plan became effective following the departure of 28 Stroock partners, together with additional attorneys, to the firm Hogan Lovells on November 17.  Following this departure, only a few attorneys remain in the Stroock offices and those few will vacate before the end of the year.   

Gary Polkowitz, the firm's Liquidation Manager, has been involved in a number of previous law firm and professional firm winddowns. Said Mr. Polkowitz: "It is a shame to see a firm with such a long and illustrious history come to an end. We wish much success to the former partners and their practices at their new firms."  He continued, "Stroock will be wound down in accordance with applicable law and recognition of the firm's obligations to its former clients.  Fair treatment will be given to creditors, lenders, and former employees according to their respective rights under the law."  He added, "Priority will be given to paying winddown expenses, creditors and lenders."

Stroock has hired the law firm Togut, Segal & Segal LLP as counsel to advise it during the winddown. It has also hired David Pauker, a well-known restructuring expert, as Special Advisor to assist with planning and strategic matters.

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SOURCE Stroock & Stroock & Lavan LLP