Stroock & Stroock & Lavan LLP Concludes Its Liquidation Process After Nearly 150 Years

Stroock & Stroock & Lavan LLP Concludes Its Liquidation Process

On January 26, 2026, the Liquidation Manager of the historic yet defunct law firm Stroock & Stroock & Lavan LLP (often referred to as Stroock) marked the official end of the firm’s operations following nearly 150 years of service in the legal landscape. The liquidation was effectively completed as of December 31, 2025, after a systematic out-of-court winding down process initiated by the firm’s leadership on November 17, 2023.

Throughout its long-standing existence, Stroock built a reputation for its legal expertise and significant contributions to various fields; however, no business, no matter how successful, can avoid the inevitable. After a detailed plan for dissolution and liquidation was adopted, the winding down commenced, culminating in a robust process managed by Gary Polkowitz, a seasoned Senior Managing Director at Teneo, a renowned global CEO advisory firm.

The Winddown Process

In orchestrating this complicated procedure, Mr. Polkowitz led a dedicated team consisting of professionals from Teneo and former Stroock personnel, focusing on a transparent and efficient approach. They worked diligently to negotiate settlements with creditors, liquidate the firm’s assets, and ensure the secure return of client funds and files. In a noteworthy achievement, the firm successfully reached settlements with creditors holding more than 99% of unsecured claims, showcasing an exceptionally high acceptance rate in liquidation standards.

This collaborative approach aimed at maximizing recoveries for creditors significantly exceeded the typical outcomes seen in law firm liquidations. Final distributions have now been made, with creditors receiving an average of 55.50% of their settled claims.

“I am extremely pleased by the outcome of this process,” Mr. Polkowitz expressed. “The team's dedication and the supportive participation from the firm’s former partners enabled us to complete the winddown phase in just 26 months.” This reflects an extraordinary level of coordination and commitment to achieving the best possible resolution for all stakeholders involved.

Challenges and Achievements

The winding down of a legal firm often comes with its unique set of challenges, including extensive negotiations and legal hurdles. Despite these challenges, the dedicated efforts from the Winddown Committee members—Bruce Schneider, Claude Szyfer, and Mark Wintner—were instrumental in achieving the firm's objectives.

Moreover, partnerships with external professionals such as David Pauker of Togut, Segal & Segal LLP and Clyde & Co. LLP further streamlined the process, ensuring that every step was executed effectively while maximizing value for creditors.

Mr. Polkowitz highlighted the importance of teamwork, stating appreciation for all individuals who assisted in this endeavor. Their collective effort played a crucial role in actualizing a remarkable result that many believed would not have been possible within such a short timeframe.

Looking Back at Stroock

Stroock & Stroock & Lavan LLP's legacy may be defined by its long history and contributions to various sectors including business and healthcare law. As the firm concludes its operations, the legal community reflects not only on its services but also on the evolution of legal practice in a changing world.

The department’s commitment to integrity and client services set high standards, influencing many aspects of law. It is important the legacy and insights gained during its operation continue to influence emerging firms and legal practitioners.

With the dissolution process now complete, the closure of Stroock stands as a testament to responsible business practices, encouraging other entities navigating similar journeys to prioritize transparency and stakeholder value.

As we bid farewell to Stroock, the journey and lessons learned through its operations will undoubtedly resonate through the legal landscape in the years to come.