Law Firm Could Dissolve
The recession is a bit more than a year old, but it is threatening businesses that have been around for more than a century.
Wolf Block, a 300-lawyer law firm, is holding talks today to discuss dissolving the company.
Company history
Wolf Block was formed in 1903, and it was once one of Philadelphia’s premier law firms. In its beginning it was a partnership between Morris Wolf and Horace Stern. The two lawyers could not find work in Philadelphia, so they started their own firm.
The firm rose in prominence during the first half of the 20th Century along with the local Jewish business community. It was able to attract some of the nation’s top Jewish law school graduates until other firms changed their hiring practices in the late 1960s and provided more competition for their services, according to Philadelphia Business Journal.
21st Century Wolf Block
Trouble became evident in the fall when the firm announced it would delay start dates for first-year associates, sending many young lawyers with huge school debt running for payday loans or other law firms. In December, Wolf Block laid off 15 employees. The firm then had to make more cuts this year.
The company’s partners will vote today on whether to dissolve the company.
Not for lack of trying
Wolf Block will reach a verdict today on its own dissolution.
Things first started to go downhill for Wolf Block during the recession in the early 1990s. Some of the firm’s top lawyers left for other firms. The firm relies heavily on real estate practice, and it appears it might not be able to survive the current housing market.
Wolf Block has previously made two attempts to merge with other firms. Last year it attempted a merger with Florida firm Akerman Senterfitt. In 2007 it tried to negotiate a merger with Philadelphia firm Cozen O’Connor.
Right now, several top litigators at Wolf Block have already left or are headed for other law firms.
Oh gosh. Law firms are taking hits, and not every firm has offices worldwide. Wolf Block was a legal institution, especially in real estate and corporate law for decades. It’s a shame to see it go into that good night.