Nationwide Layoff Watch: Cadwalader Releases Nine Additional Attorneys
Honestly, we’re not trying to pile on Cadwalader, but they just keep making news.
The Wall Street Journal Law Blog is reporting today that the firm has fired nine associates: three in New York and six in Charlotte:
“Cadwalader confirms limited terminations of a few associates in the Charlotte and New York offices; and adjustments to our Charlotte-only compensation schedule,” wrote firm spokeswoman Nicky McHugh in an email.
There are still associates in Charlotte? Maybe they should have taken the pay cut.
Our tipsters report that most of the layoffs hit the real estate practice group.
How are Cadwalader associates dealing with all the bad news? We’ve heard rumors of everything from Career Builder to Duck Hunt. Let us know about your Cadwalader coping mechanisms.
Cadwalader to Cut Nine More Associates [WSJ Law Blog]
Earlier: More Pain Coming to Cadwalader?
Prior ATL coverage of law firm layoffs
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Comments
LAYOFFS? Don't talk about -- LAYOFFS? You kiddin' me?!?!?! LAYOFFS?
they still had associates in Charlotte?
SHA SHA SHA SHAY-RAY
BJs. Lots and lots of BJs.
It's been, like, an hour. where's the mayer brown salary freeze memo?
No one reads this website anymore - ATL is over.
Although I was previously against comment moderation, it has gotten out of control. Its hard to take this site seriously any more.
1. How sad that this blog now has to get its news from the WSJ Law Blog.
2. Comment 1 was pretty damn funny. Well played.
Cahill layoffs?
Maybe they decided a document only requires 4 read-throughs at $300/hour instead of 5? Now all of their clients will lose their cases!
"releases"? is that what the kids are calling layoffs these days?
Jdjournal.com and the ABA Journal website has been equally on top of this stuff as ATL.
"releases"? is that what the kids are calling layoffs these days?
How many rounds of firings does it take for the associates who survived to previous round to realize they need to lateral off the Titanic? Anyone that dumb deserves to be fired.
Well played, Jim Mora. Well played.
But what is happening with DLA?
Again, 1=8=15 (OR 1=15 and 8 is not a regular reader).
does this affect Cahill?
Nice comment, 1. You deserve a pat on the back for your incisive wit. I bet you get a lot of CWT 05 associates to spread their BUTT CHEEKS once you regale them with your banter.
Oh just dissolve already.
How the hell did praising the Jim Mora guy become a meme?
What about the associates at WILDMAN HARROLD?
Oh just dissolve already.
Jdjournal.com and the ABA Journal website has been equally on top of this stuff as ATL.
Cahill layoffs??
http://www.huffingtonpost.com/2009/01/11/george-the-giant-lobster_n_156921.html
Jdjournal.com and the ABA Journal website has been equally on top of this stuff as ATL.
Jim Mora for 2009 ATL Commenter of the Year!
See prior CWT post for denial of Lynodell being cause for delay in dissolution--implicitly confirming dissolution rumors.
My husband told me they (and every firm) will shed attorneys into oblivion in an effort to keep partner profits up. If my sugar daddy feels unloved in this market, he told me he'll take his $3m book of business elsewhere when things rebound.
In his words, "they damn well better get rid of the dead weight; women like you ain't cheap."
14, you are obviously a law student...where the fuck would anyone lateral to IN THIS ECONOMY?
NY BIGLAW to subway sandwich artist?
damn dem titties be fine
ps: Obama=CATFISH
CWT NY05 Female associates will always be employable.
Suck it, IceMiller!
me me me mo mo mo me me me me me me
how did this CWT 05 female thing start?
30--where's that pic from? put up your facebook link, you're the only interesting thing on ATL right now....
Why is Mom posting?
I hate Benjamin Button so much it hurts!
30 - 3 million is nothing, no self-respecting trophy wife or mistress would settle for a man with that.
HARVEY MLK = GAY CATFISH
14 you dumb ass piece of crap... nobody is hiring, as you may have noticed everyone is laying people off. And no I am not at cadwalader.
Why wouldn't they just resort to stealth firings if they're only getting rid of 9?
Firms in NY, though not many, are hiring. Those busy with securities fraud matters and bankruptcy have openings (Kasowitz, Debevoise, Paul Weiss just to name a few)
But it is A LOT more difficult to move if it is known you've been laid off -- even for "purely economic reasons." 14 has a point.
30 - Are your husband didn't say ,"you're cheap"?
Yours truly,
Reality.
30 - Are your husband didn't say ,"you're cheap"?
Yours truly,
Reality.
Can anyone recommend a good legal blog other than ATL? One with salary info and the good stuff. This things is down the tubes.
Can anyone recommend a good legal blog other than ATL? One with salary info and the good stuff. This things is down the tubes.
Can anyone recommend a good legal blog other than ATL? One with salary info and the good stuff. This things is down the tubes.
43 - you might be right, but I'm skeptical. Do you know anyone who was recently hired by these firms, or have you just heard that they are hiring?
I tend to agree with the folks calling 14 an idiot. The lateral market is basically dead.
Can we get a thread going about ongoing stealth layoffs? It looks like some firms have been successful at avoiding the one-time bloodbath by dismissing attorneys 1 or 2 at a time over the past several months. I've seen Reed Smith and Pillsbury mentioned. Any more details? Any other firms?
50 - DLA Piper is another firm that has been quietly laying off over the past 6 months or so.
what is the new Charlotte scale?
49:
Yes, I know people who have moved since the fall and not because they were laid off. Rather, they went where the work was/is.
Granted, of course the market is largely dead and so #14 is an overstatement that is worth some ridicule. That said, there is something to be said for trying to leave before you get branded as having been laid off.
Not trying to ruffle feathers. Merely trying to offer nuance where it might be needed.
43
49:
Yes, I know people who have moved since the fall and not because they were laid off. Rather, they went where the work was/is.
Granted, of course the market is largely dead and so #14 is an overstatement that is worth some ridicule. That said, there is something to be said for trying to leave before you get branded as having been laid off.
Not trying to ruffle feathers. Merely trying to offer nuance where it might be needed.
43
"Do you know anyone who was recently hired by these firms, or have you just heard that they are hiring? "
Those with BK experience can get a job at almost any firm. Do some fluffing to emphasize any kind of restructuring and you'll get a second read, at least.
43,
The issue is that the handful of firms that are hiring securities and white collar litigators aren't going to hire real estate and corporate lawyers to learn on the job - i.e. the lawyers that are at risk of gettting laid off.
Is Cahill hiring lateral structured finance associates? I put in an application there last week and haven't heard anything back yet.
Predictions?
I'm gonna say CWT survives the crisis but gets gobbled up/merged with someone (with substantial layoffs as part of the transition) awhile after the crisis ends.
39--I need to know more. I'm still young so I draw the line at not dating anyone over double my age. What should a "relatively" good looking partner in his early-40's have by way of completely portable business?
We don't live in NY, but I'll move if I have to. xoxoxo
Create distance, and grab a chair.
Certainly will have an impact on the availability of lobster, no?
59 - At least $50-60 million per year.
The layoffs started about a year ago and the writing was on the wall before that. Nonetheless, a number of associates from CWT would visit ATL to shout at reality and proclaim that rainbows and confetti still shot out of Bob Link's Tennessee Cornhole if the associates would just get close enough to get a better look. I promise you that is not a rainbow.
People have been advising associates to flee for over 11 months, so the "there are no jobs out there lateral to" meme isn't entirely accurate. There were firms hiring in March, April and May of 08. Moreover, of all the firms to spend your time clinging to a tenous position, doing it at CWT is masochistic if not outright crazy.
Maybe after THIS round of layoffs all is truly well, but we heard that after the first several rounds and while the ruby red slippers keep clicking it hasn't come true. For now, I blame CWT's associates for not commenting often enough that things have changed and the corner has been turned.
62--you're telling me that a 41 year old partner can really control a $60m book of business? If that's true, I've been scammed!
Also, if that's true, all you little shits better be nervous, because my husband's annual draw is only $850k a year right now on a $3m book of business and he's looking to jump if they drop his draw by $50k when x-com releases numbers tomorrow. I can only imagine how many associates a firm would fire to keep the $60m partner from feeling unloved!
trophy wife is a 3rd year with a penis.
65--yawn
"you're telling me that a 41 year old partner can really control a $60m book of business?"
Well, I know a 45-yo partner who was credited with a $100mm book, three years running. Now, that wasn't 100% portable, but it was his as far as the firm was concerned.
Cadwalader:
As a former CWT staffer, I feel bad - in this order -- for
the admin staff, the associates and the older partners. It used to be a gracious firm until they got greedy (along with Bear and Lehman). The spectacular greed and short-sightedness ruined an otherwise fine firm -- I mean, hiring a nasty piece of work like Dennis Block to temporarily build your book of business is a grim way to land clients -- and the blame can only go to Link and the younger partnership who could think only of money.
What's the severance package? How much are the pay cuts?
67--if said partner is you, my number is 867-5309. Please name city (I don't really care about the firm).
If you have time to call me and/or spend any time outside of your office, I'm not interested.
Oh, and thanks for working late if you're at my husband's firm. I'm not sure of the name.
Released? What were they, hostages?
You need a dictionary, MysTTTal.
And a TTThesaurus.
Once again, CWT pulls ahead in the race to the bottom. I feel badly for those "released"--whatever the hell they mean by released as opposed to your run-of-the-mill layoffs.
69 -
Severance package is standard 3 months.
Depending on hours billed, salary will be reduced by 30%, 10% or 0% (i.e. pay freeze).
More fun for CWT HR Patty E.
My prediction is that the CWT partners will quietly throw Link under the bus, notwithstanding that they were all the same greedy bastards who overthrew the old guard in 1994. This place has no loyalty and no sole. This firm will not survive. It is a partnership based upon greed and money. Block will be out of there to the highest bidder by the end of the year. Palmer et. al will soon realize leaving WGM was a huge mistake.
WHY NOONE IS TALKING ABOUT SCHULTE FIRING PEOPLE IN THE BIGGEST DEPARTMENTS THEY HAVE???? CERBERUS GOING DOWN, YAHOOOOO. THEY THINK FIAT WILL GIVE THEM ANOTHER DAY IN THE SUN BUT THAT IS NOT HAPPENING. IS THE HR PEOPLE BRIBING ATL INTO NOT DISCLOSING THIS?
78 - English please
77 - I hear CWT has a lot of sole. Two per person in fact, according to my sources.