Cadwalader next to wield axe as 35 lawyers go in US
Cadwalader Wickersham & Taft has laid off 35 lawyers, becoming the latest major US law firm to suffer the effects of the credit crunch. In a statement released today (10 January) the firm blamed "unexpected and persistent volatility" in the financial markets for the redundancies, saying disruption in the capital markets was affecting many of its clients.
January 10, 2008 at 12:23 PM
2 minute read
Cadwalader Wickersham & Taft has laid off 35 lawyers, becoming the latest major US law firm to suffer the effects of the credit crunch.
In a statement released today (10 January) the firm blamed "unexpected and persistent volatility" in the financial markets for the redundancies, saying disruption in the capital markets was affecting many of its clients.
The statement read: "Cadwalader… is responding to these market developments with a number of initiatives. Targeted personnel reductions will affect 35 lawyers in our US offices. Other strategies involve continued practice diversification, practice enhancements and strategic redeployment of certain persons.
"These actions affect some talented lawyers who have made significant contributions to the firm. The firm's partners and management committee have put a great deal of effort into mitigating the impact of the business environment on the firm, making today's announcement even more difficult."
Earlier this year the firm boosted its restructuring practice with a four-partner raid on the New York office of Weil Gotshal & Manges.
News of the redundancies at Cadwalader comes after Wall Street firm Thacher Proffitt & Wood last month told 50 associates they faced redundancy because of the collapse of the market for mortgage-backed securities, while structured finance boutique McKee Nelson offered associates buy-out offers.
Meanwhile, City giant Clifford Chance laid off a six-lawyer structured finance group at its New York arm in November.
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