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Although Stroock & Stroock & Lavan is a Wall Street firm with a history dating back to 1876, it is not a white shoe firm. "Laid-back for a Wall Street firm," is the way one lawyer describes Stroock. While a full-service law firm with approximately 350 attorneys, Stroock does its best to foster a culture that allows lawyers to be themselves. The firm has a traditional client base of Fortune 500 companies, investment banks and insurance companies, and also provides services to e-commerce and tech companies. One insider at Stroock comments, "If you are looking for a place to learn on the fly and get a great deal of experience without sacrificing your life, this is a great place to be." The Greatest IP Practice on Earth? For those who have dreams of running away and joining the circus (but can't resist the allure of the law), working in Stroock's IP group can help you keep in touch with the "greatest show on earth." The firm represents Ringling Brothers - Barnum & Bailey Circus. The firm wasn't clowning around, though, when it brought suit on behalf of the circus against the Utah tourist department. Utah tried to claim that it was the Greatest Show on Earth, a usage which Stroock lawyers argued was harming the circus' trademark. (Unfortunately, the Fourth Circuit didn't buy it). In addition, Stroock has helped Fuji protect the technology behind Fuji's disposable cameras and it has represented Yahoo in IP matters. Nerds' New Home Stroock has made an impressive entry into the Internet economy, both in terms of the services the firm offers and its physical location. Stroock recently became the first major New York firm to open a branch office in the financial district's tech mecca, 55 Broad Street. The branch is solely for Stroock's e-commerce group. The new offices are in the same building as other big players in the tech industry, are wired with fiber optic cables, T1 lines and satellite accessibility. The Stroock offices are furnished with living room furniture to give it that lounge-like startup feel. The satellite office also has an open door policy that allows clients and potential clients to just stop by and ask for advice. Lawyers from different practice groups take turns holding office hours in the offices and conduct seminars on topics of interest to tech companies. Stroock has taken some innovative steps to attract Silicon Alley clients. The firm has thrown parties to raise its profile in the Internet industry, one of which was cleverly entitled Nerds Night Out. The firm offers nontraditional billing to attract new startups that may not currently have the cash on hand for a big New York firm. Stroock's e-Commerce group helps guide tech companies from seed financing through to IPO - in addition to playing the more traditional role of a law firm, Stroock attorneys also help clients find appropriate funding sources. Delicate Settlements Stroock litigators have helped recover artwork confiscated by the Nazis and have tracked down the proceeds of numerous fraudulent investments. Stroock represented Bank Austria in its $40 million settlement with the families of Holocaust victims. The settlement was compensation for the confiscation of Jewish property. In addition to the money, the settlement resulted in the creation of an archive of bank records from the period when Austria Bank was under Nazi control. The settlement was not only approved by the judge presiding over the matter but by the Conference on Jewish Material Claims Against Germany and the World Jewish Congress. E-Liquidate Stroock has more than 40 lawyers working in the bankruptcy department. The firm is particularly known for its enforcement of creditor's rights. Stroock is a pioneer in the use of Internet auctions to liquidate the inventory of insolvent companies. Internet auctions have been an innovative tool for recovering the actual cost of a defunct company's inventory, compared with traditional bankruptcy auctions.
Most of Stroock's associates find the firm a great place to practice law. Stroock lawyers say their colleagues are generally nice folk. One attorney even raves, "Stroock is an overall a delightful place to work." There is plenty of interesting work to be done and associates say they have gotten a variety of assignments. "I think they do everything they can to make working here as satisfying as possible," opines one source. But you might not get the most interesting assignment if you just hide in your office. Some insiders say Stroock lawyers need to search out the better work and build internal relationships with the right partners. "If you are not willing to do this, its not the place to come as the quality of work is very different depending on the partner and the clients," according to one insider. Time and Money Stroock is on par with most New York firms when it comes to hours. But, unlike some firms, when the work is done you can feel free to go home. Stroock lawyers say they don't need to put in a lot of face time. "Many partners leave at 6:30 or 7:00 so who are you impressing by staying longer?" Another insider sums up the work hours this way: "This is a large NYC firm. We work. Face time, though, is not required or expected." Although Stroock associates do put in their share of late nights, the firm is not overly obsessed with billable hours. "The firm stresses quality over quantity as far as work is concerned. Hours can be a bit erratic, with a bad week followed by an easier week," states one typical source. Associates react positively to Stroock's discretionary merit based bonus system. "The bonus system rewards those who work hard and do a good job, which is preferable to a set bonus system," according to one associate. Another opines that Stroock's discretionary bonuses allows for higher compensation compared with many of the other big NYC firms. In fact, many insiders report that 1999 bonuses were higher than they were expecting. But don't expect Stroock to lead the pack in terms of pay. "We are never the pay setter always the follower. But we at least always follow," shrugs one Stroockian. No Keggers Insiders say the atmosphere at Stroock is very congenial. The firm is "just a fun place to be," raves one Stroock associate. "It's always fun to come to the office," agrees another. "There is tremendous interaction between attorneys. It is definitely one of the great attractions of the firm. In the litigation department, I can always depend on fellow associates for a laugh, insightful movie reviews, interesting conversation and help on work questions." While Stroock associates get along well with their colleagues, they say that Stroock bears no resemblance to the workplace antics of Ally McBeal. "The atmosphere is one where people are here to work during the day. There is some after-work socializing, but most of the attorneys have families and partners outside of the firm and would rather spend time with non-Stroock people after working hours." Another insider put it more bluntly, "There's certainly not a keg party every Friday at 5:00." That's the way Stroock attorneys seem to like it. As one comments, "People are very friendly and I certainly could find people at work to spend time with socially, but at the same time there isn't a cult mentality or pressure to hang out outside of work, which is much appreciated at the end of the day when you want to relax with friends outside of work." Another attorney adds, "Groups of lawyers will socialize, but, fortunately, there is no pressure to socialize." Some say that the amount of social mileage at Stroock depends on individual motivation "[A social life is] there if you want it, and there is no real pressure to join in. You can always find a good group of people to have lunch with." Stroock lawyers say when they do go out, their social circles don't just include fellow associates. "It is notable that the people that I have developed close relationships with include both partners and associates." The litigation department sponsored a karaoke night in the fall of 1999, which reportedly featured solo efforts from several Stroock partners. Treatment By Partners "Respectful", "courteous", and "professional" are the word that came up most often when describing partners' attitude toward associates. One insider listed his relationship with the Stroock partners as a strong selling point for the firm. The Stroock lawyers told Vault that "except for a couple of notable exceptions" the partners treat the associates well, respect their ideas and appreciate their work effort." One attorney raves that he has a "genuine friendship" with the partners. "Partners are very respectful and generally interested in allowing you to get as much out of your work experience as possible." Another boasts that "they treat me like a colleague, rather than a nameless, faceless associate." Insiders say there are "no screamers" at Stroock. According to Vault sources, if you're the type of person who takes initiative, there should be no problems with your relationship with the partners. "If you work hard, and act professionally, the partners will treat you very well." Most partners at Stroock will provide associates with feedback on their work. "You are generally told when your work is less than adequate." In addition, you can expect your bosses at Stroock to listen to your opinion and discuss the issues with you." One attorney warns, "You do have, though, the typical older, fat-cat partners who are lazy and view you primarily as a piece of meat. They are the exception, though, not the rule." Laid-Back On Wall Streest The laid-back atmosphere leads the list of Stroock positive qualities. One attorney sums up Stroock this way: "Friendly, informal place where everyone is accessible." Another lawyer says, "[Stroock] is not a stuffy place, nor is it hierarchical. Partners are approachable and friendly." Insiders claim there is a very low ratio of uptight people to easygoing peers- an atypical situation for New York lawyers. It's no surprise that this laid-back firm has embraced the year-round casual Friday trend. "There are people who simply refuse to wear suits - I'm not sure how much it impedes their advancement here, but to a certain extent they get away with it." More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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