Partner pair departs law firm Stroock & Stroock & Lavan as retention challenges persist and the firm considers a potential merger. The two partners, Besvinick and Nevins, have left the New York-founded firm, adding to the growing number of departures.
Stroock has been engaging in discussions about merging with Boston-founded Nixon Peabody, as reported by media outlets and a source familiar with the situation.
Additionally, Besvinick, an insurance litigator who held the position of managing partner at Stroock's Miami office, and Nevins, known for handling complex commercial disputes, including insurance coverage, have not yet commented on their departure.
Stroock & Stroock & Lavan, a prominent law firm established in New York, has been grappling with the departure of several partners in recent times. The firm's struggles with retaining talent have become increasingly evident. As per reports, talks of a potential merger with Nixon Peabody have emerged as a potential solution to address these challenges.
Meanwhile, the departure of Besvinick and Nevins underscores the ongoing issues faced by Stroock. The reasons behind their departure remain unknown, as they have not responded to requests for comment. However, their exit contributes to the mounting number of departures from the firm, further highlighting the difficulties Stroock is encountering.
In light of these departures, Stroock's potential merger with Nixon Peabody gains significance. The reports of discussions between the two firms suggest that Stroock is actively exploring opportunities to strengthen its position and address its retention concerns through strategic partnerships.
A merger with Nixon Peabody, if realized, could potentially provide the firm with the resources and stability needed to mitigate its retention challenges.
Amidst the departures, another law firm, Clyde & Co., has seized the opportunity to expand its presence in Florida. Clyde & Co., an international firm with 2,400 lawyers globally, has attracted attention by welcoming insurance-focused partners from Stroock in Florida.
Eileen King Bower, chair of Clyde & Co's North American board, commended the expertise of these partners in dealing with complex and high-exposure cases in the state.
Furthermore, Clyde & Co's move to acquire experienced lawyers from Stroock reflects their confidence in the legal talent leaving the troubled firm. With the addition of these insurance-focused partners, Clyde & Co continues its strategic expansion in the United States, having established 15 offices since its entry into the country in 2006.
As Stroock grapples with retention challenges and additional partner departures, the potential merger with Nixon Peabody looms as a critical turning point for the firm. The departure of partners like Besvinick and Nevins, combined with the positive reception of Clyde & Co's new hires, underlines the urgency for Stroock to address its internal issues and establish a path toward stability and growth.