Stroock’s Demise Foretold by Partner Exits, Pension Problems

The collapse of Stroock & Stroock & Lavan marks the stunning end of a nearly 150-year-old law firm that’s long been among the country’s most profitable.

Stroock’s executive committee plans to wind down operations in the coming weeks, according to a person familiar with the situation. Its partners last week voted to dissolve the business, the firm’s leaders said Oct. 30 in an internal email.

Stroock is the first major casualty of a slowdown in demand that appeared to catch some large law firms off guard, spurring layoffs across the industry. The firm’s demise also follows a longer downward trend ...