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Dropping Ranks: Stroock’s ‘Shrink To Grow’ Strategy

Law360 (April 17, 2018, 12:01 AM EDT) -- Two years ago, the 142-year-old Stroock & Stroock & Lavan LLP embarked on an existential re-evaluation that led to a sequential upheaval.

It hired two consulting firms. Its executive committee voted in a new co-managing partner, replacing one who had been a managing partner for more than a decade. It created four separate partner tracks, including a new de-equitized partner role. It de-equitized nearly two dozen partners and asked others to leave.

Amid the shapeshifting, the firm lost attorneys from all four of its locations last...
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