Closing shop after more than a century
One of Philadelphia’s premier law firms, 106-year-old Wolf Block, has decided to call it quits.
Real estate makes up the firm’s core practice, and the effects of the housing crisis on the firm convinced them to let the firm dissolve.
More financial trouble
Wolf Block also says its decision was due to credit constriction. Furthermore, significant partners are planning to leave the firm, which also led to today’s decision.
Wolf Block Chairman Mark L. Alderman said the firm was “deeply saddened by the decision to unwind, but we intend to conduct ourselves during this difficult time with the pride, focus, humility and determination that have characterized Wolf Block lawyers for more than a century.”
Where will all the lawyers go?
Wolf Block says it will continue to operate for a few months while it attempts to relocate its lawyers and clients. Several Wolf Block lawyers have already started talks with Cozen O’Connor, another large firm in Philadelphia.
However, some of the firm’s other lawyers might be hurting for payday loans. Philadelphia Business Journal says it will be tough for lawyers to find jobs in the current market. Wolf Block currently has 287 lawyers and employs 400 support staff.
The beginning of the end
Though the current recession has pushed Wolf Block to the decision to dissolve, many of the people involved say the firms troubles began several years ago.
Wolf Block was still among the region’s elite firms until the recession of the early 1990s, when some of its top lawyers such as Alan Davis, Steve Goodman and Sy Kurland left for rival firms. A group of 13 partners left for Cozen O’Connor in 1995. Those familiar with the firm have said it never fully recovered from that series of defections, according to Philadelphia Business Journal.
More on Wolf Block
For more information about Wolf Block law firm, its previous merger attempts and its history, check out this article.
The current recession has claimed many businesses and operations, but the fact that it is also taking down century-old companies is downright scary. WolfBlock has come a long way these past 100 years. They have offices outside of Philly; New Jersey, Massachusetts, Delaware and DC. It’s sad, it really is.
Ordinarily, it would not be an easy ask for anyone to summon sympathy for lawyers – but all kidding aside, this isn’t really a joke. A law firm with over 100 years of existence going under…is troubling. I certainly hope they all find new careers with other firms.