Stroock & Stroock & Lavan LLP has over 350 attorneys in its three offices, located in New York, Los Angeles, and Miami. The firm is known for its financial services work in the U.S. and abroad, but it also specializes in 15 other practice areas, including entertainment law in the Los Angeles office. Stroock's clients include multinational corporations, investment banks, and venture capital firms. Lateral Link Members indicate that the "partners are generally good to work for" and the hours are reasonable, but that the firm has an "opaque management policy."
Financial Services Regulation: Insurance Regulation; Investment Funds: Hedge Funds
Stroock pays market salaries, but there is currently a salary freeze in effect. The firm did not specifically announce a hiring freeze, but it has continued to pay associates the same salaries as last year.
Stroock's associates participate in the Basic Lawyering Program upon starting at the firm. The program is a one-week orientation that covers areas such as professional responsibility, ethics, confidentiality, the basics of financial statements, due diligence, and legal writing. In addition, each department has weekly sessions for associates, which are mandatory during the first two years of practice. Associates in New York are reviewed twice a year, while associates in Los Angeles are reviewed annually. The firm conducts peer reviews and upward reviews annually. New associates have a partner mentor and an associate mentor.
Most Lateral Link Members report that attorneys are expected to be in the office during normal working hours, but additional face time is not required. However, one Member noted that "face time is more important when the economy is bad." The firm gives four weeks of vacation time per year as well as three personal days and floating holidays.
Stroock has created the Public Service Project, which provides legal aid in New York. The project's core areas of pro bono concentration are community building; disability rights; schools and education; women, family, and children; disaster legal relief; and access to justice. Stroock's attorneys perform an average of 50 pro bono hours annually, and pro bono hours are counted towards billable hours requirements and bonus consideration.
Stroock has a one-tier partnership track, and associates are considered for partnership after eight years of practice. Lateral Link Members feel that partnership is a long shot, regardless of how hard they work.
Stroock offers a comprehensive benefits package. In New York, the firm has a subsidized cafeteria and provides a subsidized gym membership to the New York Sports Club, New York Health & Racquet Club, or Equinox.
Summer associates participate in training that includes a trial workshop, a mock deal, deposition skills training, a mock trial, and a legal writing seminar. In addition, summer associates attend presentations from different departments to learn more about each practice area. In Los Angeles, summer associates shadow two lawyers for the first two weeks of the summer and assist them in their daily practice. In New York, summer associates share an office with a first-year associate. New York summer associates also receive a three-month membership to the New York Sports Club or Heartworks Health & Fitness Center. Only 80% of the summer associates in 2008 received permanent offers. The firm has deferred start dates for new associates to January 2010 and has made an optional offer to associates to defer their start date until January 2011 to take a public service position in exchange for a $50,000 stipend. The firm has also announced a voluntary departure program, offering $75,000 for new associates to not take up their offer at the firm at all. One Lateral Link Member reports that although the departure and deferral programs are officially voluntary, the firm has encouraged some new associates to take one or the other rather than count on starting at the firm in January 2010.