We’re now into the back half of the brand new Vault law firm rankings. Just like last year, we worry about a proliferation of “TTT” accusations in the comment threads. But such terms of art can miss the positives of many of the firms in this section of the Vault rankings. Here’s the list:

51. Fulbright & Jaworski
52. Wilson Sonsini Goodrich & Rosati
53. Morgan Lewis & Bockius
54. McDermott Will & Emery
55. Alston & Bird
56. Bingham McCutchen
57. Fish & Richardson
58. Dechert
59. Greenberg Traurig
60. Cadwalader Wickersham & Taft

We have already extensively talked about the Morgan Lewis situation. Let’s move on to other firms after the jump.

Late last week, offer calls went out to those who summered at Cadwalader. We now have the firm wide offer rates. Compared to some other firms, it’s really not so bad.

Here is the information from a firm spokesperson:

Cadwalader made offers to approximately two thirds of our 2009 Summer Associate Class.

Cadwalader went through its layoffs early and often. People who summered at CWT had to know that the firm isn’t one to defer associates. Instead, Cadwalader recently asked some of its laid off associates to comeback … as contract attorneys.

Given all of that history, a 66% offer rate seems pretty good. In fact, even some of the CWT summers that were no offered didn’t sound too angry about the situation. One no offered summer described it this way:

The hiring partner was very nice about it, and offered to serve as a reference when I pursue other jobs, and I was repeatedly told that it was for purely economic reasons … I was upset, but I understand what the economy’s like right now, and I’ll be ok, may just take a while.

Things could be worse. Good luck with 3L recruiting, CWT friends.

Earlier: Cadwalader Is Hiring — Kind Of

Prior ATL coverage of no offers

Many regular Above the Law readers will remember that Cadwalader, Wickersham & Taft laid off nearly 100 attorneys, back before laying off attorneys became cool. More recently, the firm put 34 associates on an involuntary sabbatical.

Cadwalader is still willing to give jobs to the 34 people let go earlier this month. Contract jobs. Multiple sources inform us that CWT is trying to bring on a gang of contract attorneys. But instead of just picking up any old person with a spare J.D. lying around, the firm is giving the right of first refusal to its former associates.

Here’s how a Cadwalader spokesperson described the initiative:

As part of our sabbatical program, Cadwalader is committed to helping affected attorneys in every way possible, from helping them to identify new job opportunities to providing them with resume writing and interview tips. We have alerted them to more than 60 job opportunities, helped to arrange more than 20 interviews, and are aware of three job offers. As part of our efforts to engage them at the firm when possible, we recently received a client request for assistance on an expanded document review project with tight deadlines. Rather than consider other staffing solutions as we might have in the past, we first offered these lawyers the opportunity to work on the matter. We will continue to help these talented individuals in whatever ways we can.

Would you go back to work for your old firm as a contract attorney? Before you answer, you have to take a look at the pay CWT is offering.

More details after the jump.

This year’s batch of summer associates are roughing it at Biglaw summer camp, with fewer meals out on the firm and less lavish events. To make matters worse, some summers are being told now that their future job will be deferred. Summer associates at Skadden and Ropes & Gray have been informed that they can’t come back to the camping ground until 2011. Tents can’t be repitched at Orrick until 2012.

This seems like a good time to focus on the light side of the summer associate experience. For the past month, we’ve been soliciting entries for our Summer Associate Event Contest of 2009. They came trickling in slowly, whether because there aren’t many events to brag about or because summer associates are too busy (or too scared) to email us. One SA was so fearful of “tipping” us that the announcement about the firm’s event was sent anonymously via snail mail. [FN1]

One ATL reader from a small firm had this to say about the environment at firms this summer:

Our firm does a lot of corporate bankruptcy work, so we’re faring better in this economic storm than most, but we had to scale back our summer associate program a bit. We do not have as many summer associates as we used to, and we are not having as many major, expensive events. No more big-ticket concerts; no more dinner theater on a river boat; no more renting out an entire movie theater for a pre-release movie showing….

Certainly, the difficulties of this economy are showing in the makeup of our summer class: because we have a summer program at all (unlike many law firms), we’re getting students from higher ranked schools. Most of them are from Top 20 law schools, all of them from Top 75 law schools, none of them from the fourth-tier local law school that usually supplies some of our summer class. And our summer associates are noticeably more stressed about the experience and their prospects than I’ve seen in the past 10 summers.

Despite the foregoing, we have a nice selection of events for the contest. We ask you to vote on the best one, plus offer a few honorable mentions (for events involving public urination and broken bones), after the jump.

Last week, Dan Slater, formerly of the WSJ Law Blog, wrote a piece for Dealbook entitled In Praise of Law Firm Layoffs. His poster child for laudatory layoffs? One of the first firms to make significant cuts to its ranks, Cadwalader, Wickersham & Taft.

It seems that Cadwalader really likes layoffs. As you can see from our collected coverage, CWT has laid off over 150 lawyers since January 2008 — and today the firm announced further cuts. To its credit, Cadwalader has been open and transparent about its reductions in force; it hasn’t taken the “stealth layoff” approach.

But the firm is not above trying to put a little spin on today’s layoffs. In response to our inquiries, a CWT spokesperson issued this statement:

The debt markets, particularly the real estate debt markets, remain very slow. As a result, Cadwalader’s Capital Markets and Real Estate Finance groups do not have enough challenging work for all the lawyers, particularly the young lawyers, in these groups. Unfortunately, two years into this financial crisis, there are no near term solutions for the problems which vex these markets.

In order to address this situation, Cadwalader has asked 34 lawyers to accept a one year, unrestricted sabbatical. During the sabbatical, participating lawyers will receive one-third of their current compensation and medical benefits. In addition, a committee comprised of partners and senior administrators will work diligently to place these lawyers with clients, prospective clients, and not-for-profit organizations.

What happens to lawyers who decline the “sabbatical”? Will the lawyers on sabbatical be able to return to the firm after the year is over? One of our Cadwalader sources described this as a round of layoffs with four months of severance (i.e., “one-third of their current compensation”).

Update: This really is a round of layoffs, not an offer of “sabbaticals.” We’ve received some clarification from affected associates, which we provide after the jump.

Additional details, including a tie-in to the strip club story, after the jump.

Summer associates have landed at offices across the nation. They’re working harder this year, even if some of the work is fake, and they’re eating out less often. But the Biglaw recruits are still having fun — sometimes too much fun.

We’ve been asking you about the big events for this year’s summers — concerts, movie previews, booze cruises, etc. Look out for contest finalists soon!

Cadwalader may have already established itself as a front runner in the competition. Last week, the firm took its summers to see a Mets game. Afterwards, some of the attorneys and summers went from Shea to shady. [FN1] From a knowledgeable source:

After the game, some of the male associates took some of the male summers out for some “after-event” bonding. The problem with this bonding is that it was a trip to the strip club. I’m not sure if the firm knew about the afterparty event or if it was sanctioned by or expensed to the firm, but this certainly seems to send a message of exclusion to women; or at least — even if any female summers attended (which none did) — that the firm not only tolerated but supported the objectification / degradation of women that occurs at these venues.

The firm was aware of the outing, but it doesn’t support these Cadwalader cads. The official response, after the jump.

Last week, we brought you the story of a former Mayer Brown associate who is suing the firm. We have some more back story on the plaintiff, Venus Yvette Springs, and she certainly sounds like a colorful person.

Before joining Mayer Brown, Springs worked at Cadwalader. According to our tipsters, she left CWT in an interesting fashion:

In her departure email from Cadwalader, she quoted all sorts of religious passages and talked about how she wanted to devote her life to pro bono.

Shortly thereafter, she wound up at Mayer Brown — one of the largest and most profitable law firms on the planet.

In her complaint against Mayer Brown, Springs alleged that the firm did not count her pro bono hours as it had promised. Of course, working in the real estate department at a major firm hardly sounds like a life “devoted to pro bono.” She wants to work with clients who can’t pay, but wants to make sure she gets a plump pay check anyway.

But maybe she needed to support her family. Unconfirmed reports say that her husband is Jules Springs. Jules Springs recently pleaded guilty to mortgage fraud. No word on whether or not Mr. Springs was an equal opportunity defrauder.

After the jump, Venus Springs compares her plight at Mayer Brown to the Holocaust. I wish I were making that up.

A tipster was looking over the Cadwalader, Wickersham & Taft online “resource center.” If you scroll to the “Clients & Friends Memos,” you’ll see a CWT partner taking a huge (and hilarious) bite out of … Manny Ramirez:

I am enraged! and outraged! plus morally reprehensibled (did I say I am outraged!), that Manny Ramirez has inked another huge contract—this time with the Los Angeles Dodgers. For those of you who do not follow baseball, know this: Manny Ramirez was getting paid about $20 million or so a year last season (which is nowhere near a year) by the BoSox. In the middle of a close pennant race, Manny decides to assault a team official, fake phony knee injuries in both his knees, and duck out of playing in crucial games until he forces a trade and costs the Sox the World Series.

In a memo titled: “The Manny Ramirez Tax Lightbulb; Also (2 Ideas in 1 Memo) Putting Pay in Perspective” Cadwalader’s Steven Lofchie, Co-Chairman of the Financial Services Department, decides to do something productive with his free time.

Read more highlights after the jump.

You didn’t seriously think we’d get through an entire day of layoff stories without Cadwalader getting into the mix? Legal Week is now reporting that Cadwalader has decided to send 16 of its London employees into “redundancy consultation”

The firm said three lawyers, three paralegals and 10 support staff are subject to the redundancy consultation.

A statement read: “Cadwalader Wickersham & Taft has today launched a redundancy consultation with certain employees in its London office, made up of both lawyers and support staff. We regret the potential loss of these talented professionals who have served the firm well. The firm remains committed to London and rebuilding the office.”

Only 3 attorneys! And only 13 staffers!

It’s probably the best news we’ve had all day.

Cadwalader set to cut staff from London office [Legal Week]

Earlier: Prior ATL coverage of law firm layoffs

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

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?

Earlier: Musical Chairs: Bruce Zirinsky and John Bae from Cadwalader to Greenberg Traurig
Musical Chairs: Cadwalader Loses More Lawyers

Just to close the loop on Cadwalader’s London partner defection, firm chairman Christ White sent the following firm wide email:

Seven partners in the London office resigned from the Firm today to join Paul Hastings. The reduction in capabilities in London is unfortunate. However, these departures allow us to rebuild the London office into a profitable operation with a focus consistent with the Firm’s long-term objectives. We start this rebuilding process with a very strong foundation in Capital Markets, Financial Restructuring and Tax led by partners Angus Duncan, Richard Nevins, Nick Shiren and Adam Blakemore. Bob Link will move to London in February to lead the Firm’s rebuilding effort.

So, you’re sending the guy you just ousted to rebuild the London office that just got eviscerated?

Sounds about right.

Earlier: Musical Chairs: Cadwalader Loses More Lawyers

The Lawyer is reporting that seven partners in Cadwalader’s London office have defected for Paul Hastings:

The Lawyer can exclusively reveal that the partners leaving the firm are Karl Clowry, Conor Downey, Michelle Duncan, Justin Jowitt, Tom O’Riordan, Christian Parker and Charles Roberts.

The defections leave US firm Cadwalader with just four partners in London.

Yesterday, we noted that despite CWT’s profits per partner dropping by 30%, managing partner Chris White was still looking forward the firm bouncing back in 2009.

But maybe the London partners weren’t thrilled about the new firm numbers?

An insider suggested the move could prompt Cadwalader to shut down in London altogether: “I’d be bloody surprised if the office was still here this time next year. The office lease is about £2m and none of the partners left bill anything near that.”

It is understood that firm chairman Christopher White … and former chairman Bob Link have flown in to London from New York for crisis talks with the London partners.

Cadwalader defenders share their views in the comments.

Cadwalader London hit by seven-partner walk out [The Lawyer]

Earlier: Cadwalader Profits Per Partner Down 30%

When is a 30% decrease in profits per partner a good thing?

When you still take home $1.88 million during the “worst financial crisis since the Great Depression.”

This morning, AmLaw reported that Cadwalader Wickersham & Taft saw a 30% decrease in PPP, a 13% drop in revenue, … but is feeling pretty good heading into 2009:

Christopher White, though, says the firm is now positioned for 2009 following a series of layoffs in its troubled structured finance practice.

“I’d like to think that we put most of our pain in 2008,” White says, adding that the $1.88 million profit number “is not too shabby.”

The drop, while severe, beat previously published rumors that profits per partner would fall 50 percent.

Should all those people CWT fired take comfort that making drastic cuts early in the year probably helped save 2008 for the firm at large? The needs of the many outweigh the needs of the not quite as many?

White says it’s wrong to put the focus on Cadwalader’s structured finance side, which, while still large, was shrunken through layoffs last year. “Our financial restructuring people are very busy, parts of our litigation department are very busy, and those are important engines in a downturn,” he says.

What’s next for Cadwalader after the jump.

In this economic climate, bankruptcy partners are worth their weight in gold. Expect to see more lateral movement in the bankruptcy bar, as marquee names get courted by firms seeking greater presence in the area.

Here’s what could be the start of a trend: Bruce Zirinsky (pictured), co-chair of the financial restructuring department at Cadwalader, Wickersham & Taft, is moving from CWT to Greenberg Traurig. Joining him is fellow bankruptcy partner John Bae.

In response to inquiries from ATL, spokespersons at Cadwalader and Greenberg Traurig issued this joint statement:

We can confirm that Bruce Zirinsky and John Bae have tendered their resignation at Cadwalader, Wickersham & Taft and have accepted offers to join Greenberg Traurig shortly.

Congrats to Greenberg Traurig on their new hires. GT seems to be growing despite the downturn, as reflected in their most recent press releases.

As for Cadwalader, all’s fair in love and lateral moves. The firm is losing two bankruptcy partners, at a time when they’re in high demand. But recall that, back in March 2007, CWT raided another firm for Chapter 11 champs of its own: George Davis, Deryck Palmer, John Rapisardi and Andrew Troop, who left the storied bankruptcy group of Weil Gotshal for Cadwalader.

Reflections on what the Zirinsky and Bae defections mean for CWT, after the jump.

Following up on its inspirational holiday card, yesterday Cadwalader announced the NYC-standard crappy Cravathy bonuses. The transmittal memo, which included the familiar numerical table, was short and sweet:

We are pleased to announce that the Firm will award year-end bonuses to associates and counsel as follows. Bonuses will be based on previously communicated criteria and are expected to be paid in January 2009. Associates who joined the Firm subsequent to January 1, 2008 and prior to October 1, 2008 will receive a pro-rated portion of the bonus.

The reference to “previously communicated criteria,” we’re told, is a reference to CWT’s hours requirement.

Full memo after the jump.

I’m not sure how you make a “Happy Holidays” e-card mildly insulting, but then again I’ve never been schooled in the dark arts practiced by Cadwalader, Wickersham & Taft.

Over the weekend, CWT sent around an inspirational holiday greeting card. Check out the screenshot:

Great! Lots of firms send out holiday greetings. But does every firm send out cards to the people they laid off a few months ago? Because that’s what CWT did.

Let’s explore how CWT messed up what should have been a great idea, after the jump.

Back in the Halcyon days of 2007, when banks existed and Charlotte was a “secondary market,” Cadwalader was having public picnics (instead of executions). Below is an example of the swag they offered:

Oh yes, Capital Markets did have a field day. Now Cadwalader says this about its Capital Markets practice:

The difficult economic environment and the severe dislocations in markets worldwide present unique opportunities, challenges and issues regarding fixed income securities, structured finance, synthetic, and hybrid products, whole loans, and derivatives. Now, more than ever, financial market participants need legal advisors with the knowledge and expertise to navigate the complex array of contractual rights, financial structures, and bankruptcy and regulatory issues associated with such financial instruments.

Well that’s a positive spin on a field of legal work that no longer exists. But hey, they’re Cadwalader. And you know what the firm motto was (from the other side of the T-shirt):

Cadwalader is a firm you can count on from the cradle to the grave (disclaimer: time and placement of the grave may not be of your own choosing). Our tipster reports:

This is a t-shirt (front & back) from Cadwalader (Charlotte)ʼs 2007 Capital Markets summer picnic. It is a size 3 toddler which makes it even more hysterical/ironic/classic.

There’s got to be more stuff like this floating around out there. Please send us your “ironic” firm swag to tips@abovethelaw.com.

Earlier: Law Firm Offer Swag: What Did You Get?

Former Cadwalader chairman Bob Link is being left off of the firm’s 2009 management committee. The news was told to the partnership during a meeting today. Link himself confirmed the news to AmLaw Daily:

Cadwalader, Wickersham & Taft’s former chairman and current managing partner Robert Link Jr. was not included on a recommended slate of candidates for the firm’s management committee given to partners today, a source at Cadwalader says.

The slate, recommended by the management committee, will not be acted on for another few weeks, the source says. Link, reached by phone, confirmed his name was not on the list.

“It really is part of our normal succession,” Link says. “It’s not something I’ve been part of planning for.”

Charlotte managing partner Jim Carroll is also out of the 2009 management loop.

The Lawyer, which first broke the news of Link’s ouster on Monday, reports that Cadwalader’s future is still very much up in the air:

But Link’s removal from power is far from the end of the story. Cadwalader has been reeling for months. Collapsed core markets, major lawyer layoffs and now a palace revolt, 2008 will go down as arguably the worst in Cadwalader’s 216-year history.

Inevitably, questions have been raised about the long-term future of the firm. How things play out later this week may offer some clues as to its shape, whatever that may be.

But one parting shot from CWT to the associates they laid off, after the jump.

Given all of the terrible layoff news, Cadwalader, Wickersham and Taft has been getting some love from our readers and commenters. Cadwalder’s 96 lawyer bloodbath this summer now looks like what many firms will have to do eventually.

Not so fast my friends.

In September, partner Andrew J. Perel defected to Steptoe & Johnson. At the time, we noted:

[T]here is just no way of knowing right now if the defection of Andrew Perel is an outlier or a precursor. Yet [chairman Chris] White talks about his departed partners in language usually reserved for junior associates.

Well, The Lawyer reports that the Cadwalader partner floodgates could be just about to open:

The partners of Wall Street’s fifth most profitable firm have revolted against their managing partner ­following a disastrous year that has seen their core ­markets collapse.

First on the chopping block could be former Cadwalader chairman Bob Link:

Cadwalader Wickersham & Taft managing partner and former chairman Bob Link will be removed from the management committee in an extraordinary meeting this Wednesday (19 November). He will remain as a partner at the firm.

A Cadwalader partner said: “Bob has to be the fall guy. His strategy failed and he has to go.”

A Cadwalader statement and additional speculation after the jump.