Beyond layoffs, deferrals, salary cuts and ending lockstep, the biggest story on the 2009 Pennsylvania law firm scene was one that perhaps best illustrated many of those trends — the demise of Wolf Block.
The firm’s troubles in finding a merger partner in the two years leading up to its collapse coupled with the defection of some big name partners and a heavy reliance on real estate work led many in the legal community to question the firm’s future. But when word came in late March that Wolf Block partners voted to dissolve the firm, the industry couldn’t help but be taken aback. Not so much at the fact that a law firm could fail. After all, Lehman Brothers was gone, and some of the country’s largest institutions were on the brink. The shock value, and sadness, came from the realization that the name “Wolf Block,” and all it stood for in the Philadelphia legal and business community, would somehow disappear from the landscape in which it was so entrenched.
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