If the title of this post sounds familiar to you, it should. We used it back in January, a few hours before major layoffs — amounting to about 35 attorneys — at Cadwalader, Wickersham & Taft.
In the months since then, we’ve heard all sorts of other rumors about Cadwalader. There have been whispers that the number of attorneys laid off last time may have been closer to 50 rather than 35. We’ve heard about possible staff layoffs. There has also been talk of quieter, smaller-scale reductions in attorney ranks at CWT — “strategic firings,” as one tipster put it. This source guessed that the firm has already shed around 100 attorneys since its peak.
But losing 100 lawyers, if true, may not have been enough. Word on the street is that Cadwalader is now bracing for another round of large-scale layoffs, which could be announced as early as today or tomorrow. In the words of one source, “Surprised you haven’t posted anything on Cadwalader. Major s**t going down…”
Here’s the most detailed account of several that we’ve received (after the jump):
[M]ore layoffs are imminent at Cadwalader…. Cuts are going to be deep as they did not cut that many before. And they didn’t learn from the last time — conference rooms are reserved for Thursday for an IT vendor for all day in NY. Conference rooms in DC are also reserved for all day and the office managing partner has a room reserved for late in the day (last time, there was a late in the day “rally the troops”) message.
Work has been slow, and they have tons of capacity in capital markets, real estate, etc. Chris White has told the partners that who gets cut is his call this time since they didn’t cut enough last time…. So much for telling people there would only be one round of layoffs!
How deep? Different sources say:
“[A]fter the summers leave, the firm plans to lay off 100 lawyers (including partners). This will likely spell the end to the firm’s Charlotte office.”
“Cadwalader is about to have mass layoffs of as many as 100 attorneys, ranging from special counsel down to the current first-year associate class. In addition, certain partners have already been stripped of their equity. Layoffs will occur right after the summer associate class leaves and before the new first years arrive.”
Which would be right about now, we believe. No official word from the firm yet — we’ve reached out to them for comment — but we’ll keep you posted
UPDATE: The layoffs have been confirmed by Cadwalader. See here.
Here’s a video ad that stands as a reminder of happier times at Cadwalader. Alas, these days the only metric by which the firm is “leading the industry” may be layoffs.
Cadwalader, Wickersham & Taft LLP video [YouTube]