News > Local State
City's Oldest Law Firm Dissolves
By John P. Connolly, The Bulletin
WolfBlock, the oldest law firm in Philadelphia, decided to dissolve its partnership yesterday in a meeting of its partners.
The 106-year-old firm has suffered in the economic downturn, as its core practice centered on real estate. WolfBlock had sought to merge with other firms in the last two years, but two potential mergers failed.
“The partners concluded that continued efforts to finance the firm’s operations in the face of these obstacles was unwise and could risk greater harm later to firm clients and employees than if the situation were to be managed now in an orderly and responsible manner,” WolfBlock said in a statement.
The firm plans to continue operating for the next few months in the interests of its clients and employees.
WolfBlock 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 WolfBlock lawyers for more than a century. This result is ironic given that many of our practices and offices continue to perform at a high level despite our difficulties.”
A 2007 merger between WolfBlock and Philadelphia’s Cozen O’Connor fell through after lengthy negotiations, and a 2008 attempt to merge with Florida’s Akerman ended in disagreement over health benefits and insurance.
WolfBlock announced that the Hildebrandt consulting firm and Leslie D. Corwin, a partner with the Greenberg Traurig law firm, would help the firm to find employment for “as many people as possible, as promptly as possible, while liquidating the firm’s obligations.”
It has been reported that most of WolfBlock’s lawyers in Wilmington were in talks to leave the troubled firm to join Drinker, Biddle and Reath. Some sources told the Philadelphia Business Journal that many WolfBlock lawyers are negotiating with Cozen O’Connor with the intent to join the 500-lawyer firm.
The 300-lawyer WolfBlock was founded in 1903. Once one of Philadelphia’s elite law firms, it suffered the loss of some of its top lawyers after the recession in the 1990s. The firm never really recovered after the Akerman merger failed, and the firm began making staff layoffs in December.
John P. Connolly can be reached at jconnolly@thebulletin.us
The 106-year-old firm has suffered in the economic downturn, as its core practice centered on real estate. WolfBlock had sought to merge with other firms in the last two years, but two potential mergers failed.
“The partners concluded that continued efforts to finance the firm’s operations in the face of these obstacles was unwise and could risk greater harm later to firm clients and employees than if the situation were to be managed now in an orderly and responsible manner,” WolfBlock said in a statement.
The firm plans to continue operating for the next few months in the interests of its clients and employees.
WolfBlock 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 WolfBlock lawyers for more than a century. This result is ironic given that many of our practices and offices continue to perform at a high level despite our difficulties.”
A 2007 merger between WolfBlock and Philadelphia’s Cozen O’Connor fell through after lengthy negotiations, and a 2008 attempt to merge with Florida’s Akerman ended in disagreement over health benefits and insurance.
WolfBlock announced that the Hildebrandt consulting firm and Leslie D. Corwin, a partner with the Greenberg Traurig law firm, would help the firm to find employment for “as many people as possible, as promptly as possible, while liquidating the firm’s obligations.”
It has been reported that most of WolfBlock’s lawyers in Wilmington were in talks to leave the troubled firm to join Drinker, Biddle and Reath. Some sources told the Philadelphia Business Journal that many WolfBlock lawyers are negotiating with Cozen O’Connor with the intent to join the 500-lawyer firm.
The 300-lawyer WolfBlock was founded in 1903. Once one of Philadelphia’s elite law firms, it suffered the loss of some of its top lawyers after the recession in the 1990s. The firm never really recovered after the Akerman merger failed, and the firm began making staff layoffs in December.
John P. Connolly can be reached at jconnolly@thebulletin.us
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