GULC to sack of nickles beating.

The world would have been better off had Cadwalader never existed. What a fucking shiTTTy firm...

First to say that Elie sucks it.

Elie:

Your post is unintelligible. I cannot read it.

Abovethelaw Editors (David Lat): Time to consider getting rid of him.

Elie MisTTTal

Elie:

Your post is unintelligible. I cannot read it.

Abovethelaw Editors (David Lat): Time to consider getting rid of him.

Elie MysTTTal

Didn't these guys do a major management shakeup a while back with great results? Perhaps getting rid of Link and CapMarks partners would be a good thing.

I love CWT. They revived the "eat what you kill" strategy for law firms and brought some class back to NYC that had been lost to DC over the years.

Andrew Perel? Why do you keep bringing that guy up, Elie? He is/was a total nobody. Partners leave firms all the time.

But getting rid of Link? Now that's something.

Elie:

Your post is unintelligible. I cannot read it.

Abovethelaw Editors (David Lat): Time to consider getting rid of him.

Elie MysTTTal

Have to agree with #6. Elie, you are strictly TTT in Ivy League clothes.

WTF does this mean, "It would be an indication that structured finance work is not coming back and it could be a domino that causes banks to start questioning the business model of other New York firms"? So because SF work has dried up, financial institutions will now question billables for all other work? Your logic is more than suspect.

Wow.

I don't really think this is legit, but this is the kind of gossip that makes me glad I still keep ATL bookmarked.

4=Elie's mom.

The linked article is better than the post. Which brings me to the question I've had about this site for months -- why bother reading ATL anymore? The ABA and WSJ Law Blog have better posts and scoop ATL most of the time now or have more interesting articles.

I hear CWT is racist and they don't like marsupials.

Any word on Paulie Walnuts' new cologne "Paolo per Uomo?"

Does Mystal enjoy spam scented cologne better? Story please.

15: How did you abbreviate Jordan Brudner and Daniel Gaspar as "CWT"?

But that dissolution is even on the table (and again, we don't know for sure that it is) would be a huge deal.

--should read--

But that dissolution is even on the table (and again, we have absolutely no idea whether dissolution is even being contemplated, but we are going to suggest that it might be in order to whip our dwindling readership into a dissolution frenzy!!!) would be a huge deal.

This blog sucks.

I NEVER would have imagined that ATL commentators would choose to rip on the editor over CWT... what has the world come to!?

Who are Jordan Brudner and Daniel Gaspar? Do they work at CWT?

This post seems fairly reckless. There are no facts that indicate dissolution as a possibility, except for a tip from an unnamed source. The article from the Lawyer, on the other hand, has interesting information that more clearly describes CWT's situation and suggests that implosion may be possible.

OP of the link here, somehow Elie forget to cite the 50% profit fall at CWT. Ouch!

What of all the contract bed bugs at CWT? Will they be the first to go?

Guys at my high school used to question the viability of the structured finance business model all the time. It was no big deal.

Seeing the right-size architects get right-sized all the way to their colons would be poetic justice.

This post is what should be called yellow journalism. You toss a faux story out because you think it is what your readers want to hear. So Bob Link is going to step down... that is a far cry from dissolution. You sir, are a worthless rumor monger. Stick to facts and stop getting your journalistic cues from Fox News.

23=racist

Mystal enjoys his steaks from the same place he gets his ideas, the poopenshaften.

For what it's worth, people in Charlotte have been predicting that CWT would close its office here ever since July. With the ouster of Jim Carroll and Capital Markets DEAD, the writing may be on the wall...in blood...

20: Jordan Brudner and Daniel Gaspar are suspected racists.

27 = reverse racist

Re: 29 - "...in blood..."?

what's wrong with you?

This cannot sit well with SkaddenDC. Could be a sign of things to come being so similar to CWT.

This is what passes for quality writing? I went to high school in the middle of nowhere in the Midwest and the students there could write circles around this guy. How in the world did this dude Elie get into, let alone get through, undergrad and law at Harvard? Oh, wait...I know - AA, right? AA sucks.

32 - He thinks his life is meaningless beyond his job.

34=racist and is probably either Jordan Brudner or Daniel Gaspar.

34 - Don't be an asshole. Criticize the writing if you want, but don't be a racebaiter. It only goes to show how small minded you are.

MysTTTal MysTTTal MysTTTal MysTTTal MysTTTal MysTTTal MysTTTal MysTTTal MysTTTal MysTTTal

31: What is a reverse racist? Someone who spews their vitriol out the other end?

racists are racist.

Elie Schlomo Mystal -- EIC, competitive eater.

37 is probably from Atlanta and feels bad for the way his family once treated African Americans.

11 - Can you really not understand this? If SF is drying up and won't come back, then banks may not be willing to help indefinitely support the bloated finance departments of other firms. Maybe credit limits are lowered for firms with large finance departments. It could have a significant impact.

Of course, without evident that any of this is happening, Elie is engaging in nothing more than speculation and rumor mongering (which is why we read tabloid sites in the first place).

What is a Jordan Brudner and Daniel Gaspar?

39, I think it is someone that loves all races unconditionally; see generally, "hippie"

Hippies are racist towards people who hate hippies.

Hip
Hip Hop
Hip Hop Anonymous

41 - 37 here. My family came to New York in the 40's fleeing war torn Europe you fucktard

FIRST

I think this is fair speculation. CWT profits are down 50% percent! Partners, including some guy with a $60m book, are threatening to defect. I would believe that dissolution is a real possibility.

Also, I'd like to point out that if you live by the sword, you die by the sword. CWT's partnership is made up of mercenaries that defected from other shops for the money. None are homegrown partners. They probably don't trust each other and for good reason.

37=European racist

Who are Jordan Brudner and Daniel Gaspar and why are they at all relevant to the CWT bloodbath orgy?

30 -- where is this coming from? I know Jordan and she's good people.

Anyone who didn't vote for Obama=racist

While clear, cogent, and very comprehensive, this post has minimal relevance to WILDMAN HARROLD's newly revived babysitting law practice group.

51 = Jordan

CWT = height off hubris during the credit boom

Guys, this is all much ado about nothing. There's no need to worry about associate unemployment, since everything will be fine next year once Obama raises taxes on law firm partners.

Yes We Can!

54=Daniel

"My family came to New York in the 40's fleeing war torn Europe you fucktard."

Did your Grandpa Dieter pawn his Iron Cross before leaving?

37/46 - Are you feeling anger because your family isn't really American? You should watch your tone when talking to those of us that allowed your family to seek refuge in our great Country. You are welcome.

CWT have balls on their collective chins.

People in 1940's New York=racist

I nominate Paulie Walnuts.

Mr. P Walnuts

Saw this coming a year ago. They're getting what their business model gives them. They are way too vulnerable to only a few people. They will either dissolve or they will be acquired by another Firm. My bet is dissolution as I don't think anyone wants anything to do with the culture these guys created.

59--You are from a family of immigrants too.

Do you think the right to immigrate here ended when your great-grandpoppy blew the stamp clerk at Coney Island to get your ugly ass family in?

33- Really? SkaddenDC and CWT are similar? That is such a ridiculous comment that I can't even comment on it.

The entire legal industry is crumbling. Allen&Overy is doing stealth layoffs big time right now. Fenwick & West canceled their Holiday party. The world is going to end.

From a 2L with no finance background...

How does Cadwalader's finance practice compare with the practices of all the other finance firms in CLT (MB, W&S, Dechert, MVA)? Is corporate finance diverse enough that some of these firms are still able to find work, or are all of these firms suffering equally?

I think this post is pretty speculative and I want to thank Ellie for that. I am tired of reading ATL posts that refuse to discuss issues prior to confirmation. I read a newspaper when I want new, I come here for rumor and gossip.

CLT?
MVA?

I think this post is pretty speculative and I want to thank Ellie for that. I am tired of reading ATL posts that refuse to discuss issues prior to confirmation. I read a newspaper when I want news, I come here for rumor and gossip.

serious question: assuming the purpose of a partnership is risk-diversification among the partners, what's the point of having a partnership if it follows an eat-what-you-kill model?

Ha. Bob Link. That's the chump who had "no use for Yale Law School" because "They don't seem to produce the kind of lawyer we want." http://www.law.com/jsp/llf/PubArticleLLF.jsp?id=1170682662248

I wonder whether as a junior PE attorney, I can re-class as a Bronx prosecutor right about now...

69 - CLT = Charlotte; MVA = Moore & Van Allen

Jordan Brudner and Daniel Gaspar ruined CWT for the rest of us. Way to work it through Mr. Link.

Whatever happened to the AIPAC guy?

This would never happen in Texas.

GULC = Georgetown University Law Center

Sack of nickles = what should be used to heat a student
at GULC

64, yep. Anyone who immigrated post 1930 is scum.

79--Subtle antisemitism will get you really far in the legal world. Great strategy.

From the article: "Cadwalader is also ­anticipating a number of partner exits as it attempts to address the leverage ­problem caused by 131 redundancies earlier this year." -- what are redundancies?

The asinine coverage (and comments) notwithstanding, this is a great post. Speculation about law firms folding makes for great reading, and I would agree with prior posts that more speculative equals better. If I want real news, I'll go to a news website. I come here for unfounded rumors.

On another note, this shouldn't be a surprise anyone. Law firms are completely parasitic on business, and a disproportionately large part of law firm revenue and growth has come from the same PE and structured-finance boom of the last 20 years that has suddenly collapsed. Dozens of law firms will follow. Yours could be next.

82,

Not mine. Oil. Suck it.

WILDMAN HARROLD would never dissolve like this TTT firm.

79, yep, that is exactly what I meant. People who find racism in every little snide comment need to check their heads. Douche.

wow:

As an outsider, Link says he had no illusions about Cadwalader. Founded in 1792, it is the nation's oldest continuously functioning law firm, and that history long contributed to a public image -- and self-image -- of Cadwalader as a part of the profession's knickerbocker elite. But by the time Link became a partner in 1990, it was clear to him that the white-shoe image was out of step with reality.

"We fell asleep," he said, describing a firm that was still focused on fading areas like maritime law and trusts and estates while other firms were reaping big fees in M&A and high-yield bond offerings. Link became one of the leaders of a group of younger partners who decided to take over and take action.

http://www.law.com/jsp/llf/PubArticleLLF.jsp?id=1170682662248

85 = racist GULCer

You are ALL racists! Each and everyone of you, and your whole extended families, and your pets! A pox on your heads!

83 = nervous V&E 1st year?

ATL = racist.

Yes, 83, oil is getting killed due to demand destruction. Should lead to a lot less M&A and project development. What is your point?

http://bloomberg.com/markets/commodities/energyprices.html

At CWTTT, redundancies may also be known as 'fucking monkey scribes,' 'stupid document herders,' and 'associates.'

richard epstein is joining NYU as permanent faculty member in 2010. http://www.law.nyu.edu/news/ECM_PRO_059743

58 - No, he was buried with it.

redundancies = layoffs

it's British

richard epstein is joining NYU as permanent faculty member in 2010. http://www.law.nyu.edu/news/ECM_PRO_059743

I am so tired of hearing about layoffs, any bets on whose stadium will be completed FIRST, the Mets or the Yankees?

Jordan Brudner and Daniel Gaspar

Yanks.

GULCer's Head + Sack of Nickles = 100% chance of hilarity ensuing

96 - chicago = TTT regardless of whether epstein is there or not

Not sure if the epstein thing is a big plus for NYU or a big minus for Chicago

I am excited to buy my Xbox 360.

102 - have to think both. NYU has been snagging some top professors the past couple years, and this just continues that trend. Epstein is a marque prof for chi, so it is definitely a big loss for them.

Judge Halverson just accepted a temporary position at GULC. I think that is a win win as well.

103, go with a PS3 instead. Many fewer tech problems, almost all the same games, and an (updatable) Blu-Ray player to boot.

What about a loss for Columbia? Epstein apparently wanted to come to NYC but chose NYU over Columbia.

Bob Link, discussing CWT's PPP of $2.9M:

""Are we going to have difficulty sustaining this? No, short of some cataclysmic event that hits everyone else too."

Go to www.sadtrombone.com after reading this for the full effect.

true story: they told some of the 2008 class not to show up for work in september. start digging elie

107 - agree, i really would have enjoyed to take a class with epstein at columbia. in fact, considered taking some classes at NYU, but i saw he generally teaches 1L courses. either way, it will be good to have him in NYC since we can take classes at either school.

97: yankee standium, all the way.

What other firms are in similar trouble to CWT - ie due to practice area, etc.?

112 - Every single firm short of litigation or ip boutiques, which is why this "story" is riddiculous and actually a non-story.

Hey Elie what about CWT's 80 person financial restructuring group in NY that came over from Weil? Yes I suppose that isn't a profitable core practice group, especially considering the fact that Weil's own BR group now has the Lehman bankruptcy and CWT's is linked by the hip to Weil with similarly succesful marketing endeavors.

You people are retarded if you think CWT is going anywhere.

108 = great reference.

110 - He is an "interesting" teacher, to say the least.

Bravo 108. Bravo.

The Fordham of law firms.

If CWT fails, it won't be (primarily) because of the collapse of their core practice area.

The actual proximate cause will be that shark tank lateral culture and the resulting total lack of loyalty. These guys don't know each other, don't like each other, and don't trust each other. In a situation where there are clear benefits to defecting, that's not a good paradigm.

117= Racist GULCer

CWT rescinded offers to members of its 2009 summer class in Charlotte.

CWTTT's likely bonus to associates: we're dissolving, you're all fired, and forget about severance.

speaking of sadtrombone, any chance Bob will play several rounds of the rusty trombone at the next management committee meeting for a chance to stay on as head of associate development?

if there's any area where his new law firm paradigm has suceeded beyond contestation, it is in associate satisfaction. has there ever been a firm so committed to the unhappiness of its fungible billing units as CWT? Bob Link to Official Blumpkin Provider!

113, take a deep breath and buy chapstick in bulk. with the economic downturn, crime will likely increase, Manhattan will likely regress to Dinkins era crimeyness and West Street by One World will likely descend into a position where an enterprising young former CWTer can ply their trade at $10 to $20 a pop.

Buck up, kiddo. Servicing passing motorists can't be much worse than servicing the partners who run that place now.

Loyalty and CWT are like hand in glove, only the hand has SUPERaids and the glove the cause of a chemical fire.

NY to $190k?

Shearman and Sterling told some 3Ls that work won't begin until January 2010.

Apologies if this is a duplicate, but Leiter explains the Epstein move. He'll still be at Chicago a little bit.

http://leiterlawschool.typepad.com/leiter/2008/11/epstein.html

125 -- And so it begins. This is the first step towards revoking offers to 3L's.

Can you provide any more details?

3L's: we need to star organizing, because the firms sure as shit are.

109- As a member of CWT's Class of 2008, I promise you that no one was told not to show up for work in september...I know the story on everybody who didn't come back from the summer and why...

125 -- And so it begins. This is the first step towards revoking offers to 3L's.

Can you provide any more details?

3L's: we need to start organizing, because the firms sure as shit are.

Don't stress the late start dates... defer your loans for 6 months and go hang out on the beach in Bali or Thailand. I know it seems super stressful to have start dates pushed back but it can be a blessing in disguise. My firm dissolved before I was supposed to start a few years back. I was stressed but eventually got a job about 6 weeks later. I then proceeded to bill 2200+ hours for consecutive years being pretty unhappy. So enjoy your extra time off. You will have the rest of your lives to pay off your loans.

130 -- That was in the OLD economy. In the NEW economy, no 3L will find a new job in weeks -- try years.

V10 needs to go to $190 right now and deal a knockout block to all the TTTs of the world.

As I read the Leiter Blog post, Epstein will continue to be exactly the same amount of time at Chicago as he has been for years now, and same with NYU. It is very prestigioust that NYU hires faculty who retire from good schools.

Anyone want to venture what it'll take to land BIGLAW next summer. Here's my guess:

T6 - top 3/4
MVP - top half
CDGBN - top third

can someone let me in on the "guys at my high school" joke? i've seen it here a million times. is it from a movie? an expression from some part of the country? please

135- just a geek with a little too much time on his hand. . . . better to just come here for tidbits of info and leave the inside cyberspace jokes to those desperate for attention.

135, it is from High School Musical (the original) and references the bit part of FRAT STUD

I don't like racists.

November 29, 2006: NEVER FORGET

http://www.abovethelaw.com/2006/11/associate_bonus_watch_the_milb.php

As a future 2009 Summer at CWT, I would appreciate stories that are not based on conjecture so I could avoid heart problems.

Also keep your pompous opinions to yourself 3.

As a future 2009 Summer at CWT, I would appreciate stories that are not based on conjecture so I could avoid heart problems.

Also keep your pompous opinions to yourself 3.

I know ATL is a "tabloid" and probably doesn't have to worry itself with the concept of "ethics," but any remotely legitimate news source that carried this kind of rampant, baseless speculation on a firm's dissolution would find itself on the opposite end of a libel claim. There's plenty of interesting news in that article -- 50% drop in profits, fratricidal partners, and so-called "demands" of top partners (wonder what those are). But you cannot talk of a firm breaking up without legimiate, sourced information.

"As a future 2009 Summer at CWT"

If you think CWT will still be there in May 2009, you need your head examined.

with link out does this mean they will finally stop recruiting at tennessee?

probably not since you can't spell "reduction" without U-T.

Who would accept a summer offer to a firm that just fired 100 associates and watched its bread and butter practice entirely dissapear? Add to that a 10 year run of being voted by midlevel class after midlevel class the worst firm to work at in America. I would like to have sympathy, but there's a certain confluence of awful indicators that to look them in the eye and think to know better, well. Good luck with that.

How does someone recruit at CWT and sleep at night?

the source said "dissolution is one of the options on the table."

the source might be an idiot associate or a partner at another firm (partners are the biggest gossips about the state of other firms), but elie isn't just wildly speculating; he is highlighting the implications of that option being on the table according to an unnamed source.

Can someone confirm/deny the Shearman rumor?

both!

denied!

confirmed!

hey 113, if you are going to drink the CWT kool-aid and cheer on your firm, at least get the facts straight. The CWT bankruptcy group is about 80 lawyers- they did not all come over from Weil - CWT took 4 partners and a few associates, etc. Most of Weil bankruptcy is still at Weil, and Weil is Lehman's Debtor counsel. CWT overpaid for that splinter group, hoping that the other CWT practice groups (structured finance?) would cover their guaranteed partner draws for a year or so until the next big corporate bankruptcy boom, which is not yet here, and these guaranteed payments will further deplete CWT's PPP and encourage more defections.

148, 149, 150

Well....which is it?

I can confirm the Shearman rumor. Good friend worked for them this past summer. Heard it directly from him after he received his letter informing him of the January start date.

thanks for putting my curiosity to rest!

~ 135

Delayed start dates are really a bad sign. The firms are just putting off dealing with us (3L's) for as long as possible, not giving a shit about our plans/financial needs.

The firms will, in the end, screw many of us over and revoke offers.

145, to answer your question:
"Who would accept a summer offer to a firm that just fired 100 associates and watched its bread and butter practice entirely dissapear?"

Somebody who had no other offers, which in this climate is not so unique, especially if the author of that post comes from a school that had a relatively late OCI season. Anecdotal evidence has suggested that many students who would otherwise have gotten Biglaw offers in previous years had a much tougher time this year. I don't think you have to rub it in the guy's face that CWT was his best/only option. As of now, the firm's still around, and they're still going to pay their summers $3077/wk and their first-year associates 160k. Let's not berate someone for choosing that over some crap-ass ambulence-chasing New Jersey firm, which is probably what the alternative would be.

145-
156 again. Alternatively, someone might accept a CWT offer because they go to a second-tier school and fall somewhere outside the top 15% of the class. CWT no doubt anticipated that they would have recruiting problems after the mass layoffs, and reached further down into the class at places like Fordham, Brooklyn, Cardozo, Rutgers. This could be somebody's only shot at Biglaw.

Long Live Neil Weidner!!!

156 - Well reasoned defense until the last sentence. The fact is that there are many good mid-law firms out there that pay well, do good work, and provide a stable and friendly place to start a career (hardly ambulance chasers). I think you are right to say that CWT may make sense for some people, but it makes just as much sense to say that some people should forgo the 160K and make a little less upfront for better long term job security.

As someone who interviewed at CWT (and declined their offer), I will say this much to their credit - nobody from CWT with whom I talked pretended that the situation was anything other than what it is. The firm didn't parade any CWT cheerleaders to sugarcoat anything. Partners spoke candidly about the affects of the layoffs on already-disgruntled associates, and about the scariness of the financial crisis. Of course, this made my decision to decline the offer that much easier.

Long live Chris White!!

Wow, there were law students out there this fall that were desperate enough to even do an OCI with CWT. The sky certainly is falling.

Remember this famous post about Bob Link (#42 on the link below):

http://abovethelaw.com/2007/11/associate_bonus_watch_weil_ann.php

What about CWT - DC?

At least CWT is being honest about economic realities. Most firms this past summer continued to claim that "all was well" when in reality entire practice areas were evaporating before their eyes.

There needs to be more transparency for 3L's at this point. At least associates are in the know as to how much work the firm has. 3L's are forced to rely purely on ATL.

Actually, the guys at my high school meme comes from a section in Joe Paterno's autobiography comparing the work ethic of his hometown classmates with that of students at PEnn Law.

These comments are useless. See, e.g., 166. Don't you have a more productive way to spend your time?

Law students: I'm an associate at a big law firm. The market is pretty bad, as I'm sure you've surmised. Make your firm decisions carefully. Look for stability and get a read on their finances. For those of you who do not have jobs and are searching, keep your head up.

142 -- agreed.

Can we get more information on Latham?

Is it time to put White & Case on the Dissolution Watch List???

Is it time to put White & Case on the Dissolution Watch List???

162:
I, at least, gave CWT a chance because I reasoned (in September) that they had already done what many many other firms were going to have to do in terms of layoffs. And it looks like I am being proven more or less correct. Nevertheless, I didn't want to stake my job on my under-informed speculation about the health of the firm and future of the financial industry, so I didn't take their offer.

How busy is CWT right now? The big layoff during the summer presumably cut a lot of excess capacity in the finance group... but after the last two months, are there likely to be additional layoffs? Any insiders have thoughts?

"We fell asleep," he said, describing a firm that was still focused on fading areas like maritime law"

Another bad move. International shipping arbitration is pretty big stuff now and UNCLOS work has been heating up over the past few years and will get bigger as more contries move to exploit resources in the seas/oceans.

113- Even if what you said was true about the restructuring group, they are not going to sit around and use their profits to cover the dead weight in the Structured Finance group?
Given the culture at CWT, the profitable bits will be moving in no time and the rump will be left to fend for itself. CWT's rapid gains were built on a highly unstable mix of Structured Finance and partners who were looking to make as much money as possible in a short amount of time. When the good times ended, the reason for sticking ended too. Talk of dissolution at this point is only a natural progression.

159-
Re: mid-law (e.g., New Jersey) firms:
One thing I noticed during the recruiting process was that the top kids at NJ law schools (Rutgers, Seton) are well aware of the virtues of working at places like Lowenstein Sandler and Wolff and Samson. As a result, if you're coming from a second-tier law school and are not right at the top of the class, a less-than-ideal Biglaw situation (e.g., CWT) may actually be a lot easier to attain.

To all posters:

The vast majority of you are law students, with absolutely no understanding of how firms work or the culture of law firms. A very small minority of the posters are attorneys (normally very junior lawyers at large law firms); like a fool touting that "law school x is more cutthroat than law school y", you have practiced at one firm. Your 'n' (your sample size) is 1, yet you proceed to write in generalities about how the culture of one firm is superior to another.

Further, associate surveys are really only legitimate when compared within the firm. All individuals have a different metric by which they measure their own personal satisfaction; therefore, drawing inferences on the relative "associate happiness" between firms is dubious. To be sure, firms like CWT have a culture that seems to leave their associates less-satisfied than other firms. However, such comparison would only be useful if those same CWT associates then joined another firm (a la Jones Day) and reported their scores. Because that doesn't happen, when exploring and learning about firms, understand that these scores serve as starting point for your analysis and can reflect trends, but offer no real comparative value.

To those of you looking for jobs in this market and who embody the best of our profession, good luck. To those of you who are consumed by status needs, or who make anonymous, arrogant, pithy, boastful, or counterproductive comments on this website, and to those of who make unfounded and irrational attacks on others, I feel sorry for you. And to those of you who think that your life will be measurably better at one large law firm rather than at another (because, for example, you feel a firm is more prestigious, or will offer more mentoring opportunities), I can only hope you overcome this delusion through life experience.

And to all posters, good luck on your finals.

In re: 176.

Truer words never spoken. Always the amateurs with the loudest voices.

/repost

You want insight? You want transparency? You want truth? "You can't handle the truth!" I worked with Capital Markets at CWT and am no longer there, but I still have friends there. I can tell u there is not a stitch of "transparency" about what they have done or what they are doing. They are not being "honest about the economic realities." It is all about PPP for the big dogs. The values of the points are dropping like a stone and the victims will be the unlucky service partners and associates.

After the first round of layoffs the associates were told that was it. Then came the second round. C White knew before that round of layoffs that there needed to be more, but his P.R. people told him it "would look better" if the number was under 100. Then they embarked on "soft layoffs" based on "performance." Yea, right. Rather than taint an associates career with a poor performance review, wouldn't it have been better to have allowed those associates the dignity to walk out of CWT with their heads held high, the victims of the downturn, rather than with a fictitious taint on their performance? How's that for transparency? They are even firing staff and have told them not to expect any year-end bonuses.

And what about the decision to revoke the offers to the incoming class? That’s right, C White decided to revoke their offers and only after a huge pushback by the recruiting partners did he reverse himself at the last minute…. But he vowed to eliminate additional heads in his own (evil) way. And let him and the firm try to deny it – they can’t.

As for the CWT "culture,” what culture? A few of the posts above (48, 118) got it right. CWT is just a bunch of lawyers working in the same offices. It is not even many 'firms within a firm' but rather a bunch of solos out for themselves. The firm is devoid of any real leadership, all decisions are made by the Mgt Committee (really just Link, now White… leading the sheep), no effort at all to integrate the practice groups, and an eat what you kill attitude. Associates (and many partners) are miserable and I know many, many, many have their resumes on the street....

Dissolution? Who knows, but continued misery for those who remain, definitely......

In re: 176.

Truer words never spoken. Always the amateurs with the loudest voices.

/repost

You want insight? You want transparency? You want truth? "You can't handle the truth!" I worked with Capital Markets at CWT and am no longer there, but I still have friends there. I can tell u there is not a stitch of "transparency" about what they have done or what they are doing. They are not being "honest about the economic realities." It is all about PPP for the big dogs. The values of the points are dropping like a stone and the victims will be the unlucky service partners and associates.

After the first round of layoffs the associates were told that was it. Then came the second round. C White knew before that round of layoffs that there needed to be more, but his P.R. people told him it "would look better" if the number was under 100. Then they embarked on "soft layoffs" based on "performance." Yea, right. Rather than taint an associates career with a poor performance review, wouldn't it have been better to have allowed those associates the dignity to walk out of CWT with their heads held high, the victims of the downturn, rather than with a fictitious taint on their performance? How's that for transparency? They are even firing staff and have told them not to expect any year-end bonuses.

And what about the decision to revoke the offers to the incoming class? That’s right, C White decided to revoke their offers and only after a huge pushback by the recruiting partners did he reverse himself at the last minute…. But he vowed to eliminate additional heads in his own (evil) way. And let him and the firm try to deny it – they can’t.

As for the CWT "culture,” what culture? A few of the posts above (48, 118) got it right. CWT is just a bunch of lawyers working in the same offices. It is not even many 'firms within a firm' but rather a bunch of solos out for themselves. The firm is devoid of any real leadership, all decisions are made by the Mgt Committee (really just Link, now White… leading the sheep), no effort at all to integrate the practice groups, and an eat what you kill attitude. Associates (and many partners) are miserable and I know many, many, many have their resumes on the street....

Dissolution? Who knows, but continued misery for those who remain, definitely......

Unless your "friends" are B Link and C White this is an amusing list of assertions. It's a law firm not a nonprofit. Think everyone at Orrick, W&C, etc, etc, not to mention Lehman, ML, etc, etc. is attributing this an an 'evil conspiracy' on behalf of mgmt?

Maybe you should switch to decaf. Not every noise you hear is a black UN helicopter.

Damage control within firm has started.....general 'moral' boosting denials of dissolution rumors to associates....but acknowledgment of validity of some of the other statements regarding changes in management while at the same time vague denials regarding specifics of partner demands.

The firm is not dissolving. Markel has not threatened to leave. He has flatly denied that.

Run now if you can assoicates. The firm is dead so don't wait until they announce dissolution. Trust me, the partners are already all looking for other jobs.

Can someone please provide an update on the situation at Latham?

178 & 180: Your facts are wrong. Your post is inaccurate and irresponsible.

OK 186 What ARE the right facts then?

cadwalader sean, can you spare a nickel brother?

can someone explain the references to "cadwalader sean"? also, is there any update on this news?

Meeting did occur today....all partners were all nice and dressed up....the new guys that were recently brought in were still happy...so the firm is definitely not dissolving yet....but it seems like some of the old hands are going to be out the door...

can someone explain exactly what happenned today?
cmon elie, get on this

yea the bankrutpcy group is ruthless. the new partners are kicking out the old ones because their profits have been so low that they are trying to wrest control of the group in order to insulate themseves. besides litigation , bnakruptcy is one of the few groups at cadwalader that are not expected to have diminishing revenues for the next number of years.

and yet, somehow, these guys are managing in the meanwhile to make enemies within the firm and while waiting to sink a whale of a debtor case. circuit city and lehman got snapped up by the other big fish, and cadwalader had northwest a long time ago. the overall weakness of the firm scares big debtors from using the bankruptcy group there too. its most worrisome. i wish them all the best , they are a hard working, if not somewhat conflicted group.

to make matters worse, all the juniors, who do a lot of the real grunt work that needs to be done, are looking elsewhere for better positions at other top firms. a good number of juniors, as well as a few of the highest seniors from the old guard, have left in the last half year. Only the green weil partners and their associates remain....and by the looks of it MR P may be eating a lot, but at cadwalader, you only eat what you kill, and theyre not talking about food.

Cadwalader is a sinking ship waiting to happen.

Feb 5, 2009 - The Department of Treasury has hired Cadwalader to advise the U.S. government on the restructuring of troubled U.S. automakers.

Jan 28, 2009 - John J. Rapisardi has been appointed Co-Chair of the Financial Restructuring Department.

Jan 27, 2009 - Cadwalader represents former directors and officers of Pfizer, who were defendants in a derivative suit alleging that the company sold Celebrex and Bextra despite alleged cardiovascular risks associated with the drugs. On January 27, the U.S. Court of Appeals for the Second Circuit affirmed the decision of the U.S. District Court for the Southern District of New York to grant the defendants' motion to dismiss the action.

Jan 26, 2009 - Cadwalader is representing Pfizer in its acquisition of Wyeth in a $68 billion cash and stock transaction that creates one of the world's most diversified companies in the global health care industry.

Jan 22, 2009 - CIFG Holding, Ltd., the holding company for CIFG’s financial guaranty subsidiaries, along with its principal shareholders, Banque Populaire Group and Caisse d’Epargne Group, reached a final settlement with credit default swap counterparties and bondholders of ABS CDO exposures and certain CRE CDO exposures. Cadwalader acted as CIFG’s legal counsel.

Jan 20, 2009 - The U.S. Bankruptcy Court for the Northern District of Texas confirmed the Plan of Reorganization for Heartland Automotive proposed by the debtors and Cadwalader's client, the Unsecured Creditors Committee. The Plan was confirmed in just over 12 months.

Jan 9, 2009 - Cadwalader Helps Lyondell Secure Record DIP Financing.

Based on the comments made by Steve Somberg as he makes his rounds throughout the offices, Holland + Knight should be placed on the dissolution watch list!!