Some folks, including Treasury Secretary Hank Paulson, think that we’ve seen the worst of the credit crisis. Let’s hope that they’re right.
But the business climate is still less-than-fabulous for finance lawyers. Here’s another sign of the times: at Cadwalader, Wickersham & Taft, the Global Finance department, a former powerhouse within the firm, has been folded into the Corporate department.
From a tipster at Cadwalader who sent along the announcement:
See below re: CWT’s recent departmental merger. This has also affected the way summers will receive offers. In the past, summers received department specific offers. While this will remain true for litigation, tax, and IP, those wishing to pursue a transactional practice will receive a transactional offer. It is unclear at this point whether new transactional associates will then be placed into one pool from which any transactional department can draw or whether there will be a departmental rotation.
If you’re interested, the memo appears after the jump.
CADWALADER, WICKERSHAM & TAFT — MEMORANDUM — MERGER OF GLOBAL FINANCE AND CORPORATE DEPARTMENTS
We are pleased to announce that effective May 15, 2008, the Global
Finance Department will merge with the Corporate Department. Having
long enjoyed a substantial public M&A and securities practice,
Cadwalader has further expanded our transactional capabilities with
the recent addition of a significant private equity group. As these
deals rely heavily on various form of debt financings, the merger of
the departments will allow our private equity, M&A and securities
lawyers to work more closely with our bank and real estate financing
lawyers to achieve client objectives.
The new department, to be called the Corporate Department, will be
co-chaired by Louis Bevilacqua and Christopher White. Within the new
department will be three groups: Mergers & Acquisitions, chaired by
Louis Bevilacqua; Private Equity, chaired by Ron Hopkinson, and
Finance, chaired by Christopher White.