Bankruptcy Option Won’t Be ‘Pretty’ For Stroock

// Ed. note: Welcome to our daily feature, Quote of the Day.

Bankruptcy is what you want to avoid at all costs. The trustee in law firm bankruptcies claws back compensation against individual partners. So that is why, if you’re a law firm or an accounting firm, bankruptcy cases are not pretty.

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— Leslie Corwin, a lawyer at Duane Morris who’s overseen numerous law firm wind-downs, in comments given to Bloomberg Law on why Stroock & Stroock & Lavan will be trying its hardest to stay out of bankruptcy during its dissolution and wind down.

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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.

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Bankruptcy, Biglaw, Dissolution, Law Firm Closures, Partner Issues, Quote of the Day, Stroock, Stroock & Stroock & Lavan