Cadwalader's Global Finance Department Is No More
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.
(51) Comments
FIRST to point out that no one selects CWT if they get an offer from a better firm
The king of TTT firms strikes again!
No one cares. Tell us who is next to be shitcanned in Charlotte.
The king of TTT firms strikes again!
9:28 -- right. because charlotte is the hot bed for the nation's legal talnet.
9:29 -- right. because CWT's global finance department is the hotbed for the nation's legal "talnet."
probably a hotbed for spelling and grammar "talnet" too.
TTT.
Denny Block..............Denny Crane wannabe!
There's nothing negative to say about this (minor) change. The Corporate and Global Finance departments always worked together, so it's really just a shift in the umbrella under which the groups fall. The reaction around CWT is very positive. For new and future associates, the official, larger corporate umbrella means combined training prorgrams, a larger network of partners from the start, and a more comprehensive skill base. Sounds great to me.
9:27-- Why the bitterness? Some people prefer to work with the best, which is why they join CWT.
10:07
You're like a happy retarded person. I sure wouldn't want to be you, but I admire your blissful ignorance.
If CWT tries to sell you some magic beans, don't buy them.
Why doesn't anyone question if it is wise of CWT to leave L.B. as co-chair when he spends 4 months of the year vacationing in Mexico instead of running the department?
10:07 it must be a difficult job to continue spinning the mustachioed hayseed's yarn's when the threads keep tearing, huh Ellis?
10:07 outed.
Looks like the sharks are starting to eat eat other...
Looks like the sharks are starting to eat other...
Looks like the sharks are starting to eat each other...
I heard that CWT's offices aren't even very nice. Anybody ever been there?
Hey, does anyone think it looks like the sharks are starting to eat each other? I couldn't tell from the comments above.
10:58: actually CWT has some of the nicest offices in the city. Why don't you come see for yourself.
10:58: actually CWT has some of the nicest offices in the city. Why don't you come see for yourself.
10:58: actually CWT has some of the nicest offices in the city. Why don't you come see for yourself.
re: 10:58- are the offices nice? yes, the (relatively) new space in Manhattan is pretty attractive. Of course, many of the views are of the Ground Zero site, but the building itself is very nice. Very reminiscent of a modern hotel, with shops, restaurants, etc on the ground floor and a big expansive lobby of the building with atrium-like feel. (and no, I am definitely NOT a CWT employee). The conference space is also pretty nice. The main negative of the buidling itself is that due to it being near Ground Zero, getting there via public transportation requires walking under the tunnels, construction site, etc. to get from subway to building.
10:58: actually CWT has some of the nicest offices in the city. But you've probably never seen the inside of a law office. You've only "heard" about them.
10:58 has never seen the inside of a law office. S/he's only "heard" about them.
I heard that Davis Polk's NYC offices put everyone else's to shame.
10:58 is obviously a CWT TTTroll!!!
I am definitely NOT a CWT employee, but from the outside this has the appearance of a fantastic move. The merger of these two departments will bring together the dynamic leadership of leading practitioners Louis Bevilacqua and Christopher White, under a single umbrella and will allow cross-polinization of practices in finance, real estate, corporate and private equity. It would appear to an outsider to be the perfect move to benefit clients of CWT in a market that increasingly demands efficient and responsive interdisciplinary services from a single firm. To a non-CWT employee this would appear to dovetail quite nicely with the additions of Ron Hopkinson and Stewart Kagan through which CWT created a premier private equity practice.
Some people prefer not to work at the world's leading full service firm, so it is understandable that there are a number of people throwing invective at this fine firm that I do not work at. However, in my outside opinion, the firm and its extraordinary leadership under the gentle hands of Christopher White and Robert Link can certainly be praised for changing the law firm paradigm in a way that benefits partners, associates and clients alike.
11:58:
WOW. Just wow. You might not work at CWT, but it is clear that you work for them. Are you some sort of PR lackey?
lol @ 11:58
guys 11:58 is obviously being sarcastic
Is it possbile for a firm to have a WASPier name than Cadwalader, Wickersham and Taft?
Nicest offices in NYC go to Seyfarth Shaw, Goodwin Proctor and Covington & Burling in the NY Times building.
Debevoise's NYC offices are unbelievable. I summered there two years ago and the first time I came to the office I was blown away.
12:25 - actually no, there's some homeless guy camped outside the southern side of the NY Times building who literally stinks up the entire block with one of the most wretched smells known to man. That alone trumps any positive features of the new building.
DPW's NY office is beautiful--until you realize that the attorneys are packed in like sardines. Associates share offices for quite a long time.
Some people prefer to work with the best, which is why they join CWT."
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA... whew, that's a good one!
Debevoise's offices are actually Skadden's sloppy seconds!
Skadden's offices always smell like movie theatre popcorn -- they have nice views though -- the views from the Death Star on 8th Avenue are better
11:58 -- hillarious.
12:16 -- you are an idiot.
This is such a non-story for ATL (other than, of course, bringing out all of the anti-CWT crowd). The merger was done to find a home for the new private equity practice that has been brought in by recent lateral partner poaches (including head of Latham private equity). The powers that be wanted the PE people to link with their finance and public M&A breathern under one roof. Of course all of the "CWT is a TTT" comments are greatly appreciated and of course well-deserved for this momentous move.
Merger of related departments is nice and all, but I wonder if it will result in usual byproduct - redundancies, anyone?
Offices (the areas where us grunts actually sit and peck away on our computers) in law firms are all approximately the same. Some are nicer than others, but for all intents and purposes, they're very utilitarian. Law firms score the real 'wow' points in their conference centers, and this is where the differences between the firms emerge. I would have to say that Skadden and Cadwalader have two of the nicest conference centers in the city.
Offices (the areas where us grunts actually sit and peck away on our computers) in law firms are all approximately the same. Some are nicer than others, but for all intents and purposes, they're very utilitarian. Law firms score the real 'wow' points in their conference centers, and this is where the differences between the firms emerge. I would have to say that Skadden and Cadwalader have two of the nicest conference centers in the city.
If we're going by conference centers then S&C takes the crown, hands down.
"I would have to say that Skadden and Cadwalader have two of the nicest conference centers in the city."
I see that you, as 3:35 notes, haven't been to the 37th floor at 125 Broad St.
This is pathetic. Associates should have attitude of stop spending on facier offices than the next firm (btw clients don't care) and save the money for associate bonuses - or to help hold off associate layoffs.
"Associates should have attitude of stop spending on facier offices than the next firm (btw clients don't care) and save the money for associate bonuses - or to help hold off associate layoffs."
Why? Which do you think we partners would rather do: spend money on a place we're happy to have for our clients, or scrimp on the firm's offices to help keep associate ranks from getting cut? And the idea of paying more to them in bonus, rather than sprucing up the building, must be a joke.
CWT has an annual art budget of two paperclips, a rubber band and three hairs from Bob Link's nosebuddy.
Can ignorant law students that know absolutely nothing about law firms please be quiet and let the adults that have actual experience do all the talking?
Children should be seen and not heard.
I don't get why this move got such a negative spin... what's the big deal? While 11:58 is pretty funny and clearly sarcastic, he or she makes one pretty good point: with the addition of the PE partners, it does make sense to bring the three groups together under the same umbrella. The PE group would not have fit nicely into the previous departmental scheme.
guys at cadawalader want to be at cravath so hard it actually hurts... or at least makes them act like charactures of circa 1980s bank guys
I have worked on the opposite side of the table on deals (albeit in a mid-level capacity) with Dennis Block and with Ron Hopkinson's teams.
The thought that there will be any collaboration between these two attorney's is a total joke. Not only do both have different styles (Ron is a true professional, approachable and a consensus builder. Dennis is.... well he's Dennis Block).
They will never share associates or deals, I can't even imagine the two of them sharing the same floor.
The finance arm is the story here.