We have detailed that spate of partner defections from Cadwalader in recent weeks. But how are things going for associates on the ground? In the Cadwalader litigation department, at least it’s not particularly busy. A tipster reports:
Learned at a CWT Litigation Department associates-only meeting held at 2:00 [last week]:
Everyone was anxious about the lack of work in the Litigation Department. One of the reps took a poll and no one in the room was currently staffed on a securities fraud matter. This raised serious concerns about the department.
But as Lestat might say: Cadwalader is going to give associates the choice I never had:
Based on 2008 productivity, some associate salaries will be frozen. Others in slow departments will be asked to take a pay cut if they want to stay. So there will be some 8th, 7th and 6th years who were slow in 2008 who will be dropped two or three class years.
Pop quiz senior associates. What do you do?