Recession Update: Wolf Block Disbands, Releases 287 Lawyers Into The Wild
Normally, you’d think this was a good thing, right? But in the case the disbanding of Wolf Block, one of the city’s oldest law firms, it’s a very clear indicator that this recession shit is more real than even the doomiest doomsayers might have predicted a few months ago. Formed in 1903 and a longstanding star in Philly’s Jewish community, the modern Wolf Block was essentially a transactionary law firm, presiding over many a local real estate deal. The fact that they’re citing a steep decline in this business in particular tells you lots of things about Philly real estate you’d probably rather not know right now: The market is trying up, loans are hard to come by, and people are busy trying to hold on for dear life to what they’ve got. As a result, development dies. This is awful news, and not just for the 287 lawyers and 400 support staff who, up until yesterday, were employed by Wolf Block.
PBJ: Here Lies WolfBlock
March 24th, 2009 at 12:37 pm
Hmm – maybe I can find a cheap lawyer to look at my severance letter?
March 24th, 2009 at 1:14 pm
Couple of things:
1. I would not expect these attorneys to be collecting unemployment. Most of them already have positions at other firms.
2. Although their highly regraded real estate practice is obviously hurting, giving the economy sole credit for Wolf Block’s dissolution is a point of view that’s favorable to the current managing group.
March 24th, 2009 at 1:22 pm
Not to mention big cuts at every big firm in the city. Morgan Lewis & Bockius, headquartered in Philly and one of the biggest firms on the east coast just let go of 55 attorneys and 161 staffers. Most other big firms have already had similar layoffs, or are definitely planning on it. This hurts a lot of jobs – copy and retention vendors, couriers, and god knows some particular CC bars. I guess the bars will see an increase in boozing first, then everyone will run out of money.
March 24th, 2009 at 1:49 pm
Things sure have changed…
From late Nov. ‘08 Inky article:
Wolf Block joins forces with a lobbying firm
As businesses from banks to car makers converge on Washington seeking financial aid, the Wolf Block law firm has announced plans to greatly expand its lobbying on behalf of companies and other interests fighting for a piece of the bailout.
The firm, which currently has a small lobbying staff in Washington, along with lobbyists in Harrisburg, Boston, New York and Wilmington, said it was affiliating with the American Continental Group, whose leadership includes David Urban, former chief of staff to Sen. Arlen Specter (R., Pa.).
Under the arrangement, Wolf Block Public Strategies and American Continental would share fees and client referrals, said Mark Alderman, chairman of Wolf Block, a 300-lawyer firm based in Center City. Wolf Block Public Strategies is the law firm’s lobbying subsidiary.
The new alliance will include several high-profile players in Washington politics and policy. Alderman was a top fund-raiser for President-elect Barack Obama and one of his first prominent supporters in Pennsylvania, and Urban has many ties to Democratic and Republican moderates.
Urban’s firm, which has nine registered lobbyists, includes Sheryl V. Cohen, a former chief of staff to Sen. Christopher J. Dodd (D., Conn.), chairman of the Senate Banking Committee. The committee is playing a central role in the government response to ailing credit markets and the economic downturn.
“I absolutely believe that we would be doing something like this no matter who had won the election,” Alderman said. “What this will do is link us in a formal way.”
As the relationship evolves, Alderman said, the firms will review the possibility of a full-fledged merger.
Ever since the financial markets began tanking and the Bush administration responded with various aid packages, Washington has become a magnet for commercial interests seeking aid, information or both.
That has produced a windfall of business for lobbying firms that are capable of not only taking on big projects, but also referring clients internally to lawyers who can sort through the legal issues raised by the various bailout proposals.
Alderman and Urban said the hope is that clients who come to the affiliated firms for lobbying assistance will also seek their legal advice at Wolf Block.
Wolf Block’s lobbying clients include Lockheed Martin and Bose. American Continental’s clients include Disney and Ernst & Young, the global accounting and advisory firm.
“We have been off to a nice start there, but David is way further down the road,” Alderman said.
Article written by Chris Mondics
published Saturday, November 29, 2008
The Philadelphia Inquirer
page D1 – Business Section
http://autoacneproductions.blogspot.com/2008/11/news-flash-palin-power.html
March 24th, 2009 at 2:06 pm
A few lawyer jokes -
What do you call an unemployed lawyer?
Congressman.
What’s wrong with Lawyer jokes?
Lawyers don’t think they’re funny, and everyone else doesn’t think they’re jokes.