In a significant development that has sent shockwaves through the legal industry, more than 30 partners from Stroock & Stroock & Lavan are poised to make a high-impact transition to Hogan Lovells, leaving their former firm teetering on the precipice of dissolution. This seismic shift, set to redefine the landscape of these venerable law practices, is primarily spearheaded by the notable inclusion of Jeff Keitelman, the New York-based co-managing partner of Stroock and co-chair of its illustrious real estate group, who will be adding his expertise to Hogan Lovells. The ramifications of this maneuver will be felt across New York, Washington, Miami, and Los Angeles, as other partners follow suit, reshaping the dynamics of legal representation in key metropolises.
Stroock & Stroock & Lavan Faces Impending Disintegration
The departure of these influential partners, including a considerable contingent of real estate lawyers, effectively eradicates more than half of Stroock’s partnership. This venerable institution, with nearly a century and a half of history, is renowned for its esteemed restructuring and real estate practices, which have now been profoundly depleted. In recent times, Stroock has struggled to find a suitable merger partner, a situation underscored by Pillsbury Winthrop Shaw & Pittman’s recent decision to terminate discussions of a merger with Stroock, citing “more immediate financial and other risks” associated with the firm’s situation. The firm has been notably discreet regarding whether it has advised its lawyers and staff to explore employment opportunities elsewhere.
The Hogan Lovells Reshuffle – A New Dawn for Legal Practice
The transition of these legal luminaries to Hogan Lovells encompasses a diverse array of litigation and transactional lawyers, significantly strengthening the ranks of this esteemed institution. Miguel Zaldivar, the CEO of Hogan Lovells, revealed that discussions with the group commenced around August, shortly after he was re-elected to another term in leadership. These discussions were primarily led by partners from Hogan’s corporate and REIT practices, highlighting their eagerness to capitalize on the talents of these incoming partners.
Importantly, Hogan Lovells did not intend to engage in a full-scale merger with Stroock. Instead, the decision to welcome this cohort of accomplished lawyers is poised to enhance Hogan’s REIT group, ushering in fresh capabilities. Miguel Zaldivar expressed his optimism regarding this development, stating, “They should feel this is a much better alternative. It’s a strong platform committed to New York and has deep roots with clients they service. So we tested it, and they felt the same. They felt the synergies were there, and it moved quite fast.”
The transition to Hogan Lovells is expected to be officially ratified next month, following a partnership vote scheduled to conclude on Tuesday, as affirmed by Zaldivar. It’s important to note that this isn’t the first time Stroock has faced a mass exodus; more than 40 bankruptcy lawyers departed for rival Paul Hastings in the preceding year. Reflecting on these developments, Zaldivar commented, “To be quite frank, there was a very prominent firm that did a very similar deal picking up the restructuring team from Stroock. Another firm picked up the insurance team. It’s very common to happen when you have situations like the one that this team was experiencing.”
The groundbreaking Hogan Lovells hires were first reported by The American Lawyer, signaling a watershed moment in the ever-evolving legal landscape.
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