We’re stepping away for a bit. Before we go, we wanted to provide you with the latest Cadwalader layoff news, verified by sources at the firm:
1. The 35 associates who were laid off were given 3 months severance, medical/dental through this year, bonuses (if they met the hours requirements), and outsourcing services.
2. The laid-off associates were in Capital Markets and Global Finance.
3. About 20 to 25 associates in the affected departments were moved to non-affected departments (including more than half of the first-year associates in Global Finance).
4. Six first-year Global Finance associates were permanently moved to Litigation (but these were the associates who had already been on document review since arriving in September).
5. Regular and special bonuses will be paid to all associates consistent with CWT’s competitors. An official announcement is forthcoming; look for it in the next few days.
As for the rumors about layoffs at other firms that have been flying around, we’re looking into them. We don’t have anything concrete and confirmed just yet.
We need your help. If you have firsthand information (we have enough secondhand stuff already) — i.e., you are at a firm that you know is doing layoffs — please email us (especially once you get home from work, and don’t have to worry about your email being monitored). Thanks.
UPDATE: Earlier today, CWT sent out an email of reassurance to 2007 summer associates who accepted offers. We reprint the email after the jump.