Cadwalader

Welcome, Summer Associates! We’re Glad You’re Here, But Clients Aren’t.

By

It’s summer time! A lucky few are being paid to warm seats in law firms across the land. (Very few — thanks to the minimal numbers of offers extended to law students in Recession Land.)

Some firms are very excited about their summer associates, to the point of issuing press releases about them. Firms are planning fun events. Hopefully, Williams & Connolly offers cooking classes at a culinary institute again this summer (for those who don’t get offers and may not be able to afford to eat out one day). We’ve got a round-up of our favorite summer “happenings,” after the jump.

But one thing firms may not plan to do this year is bill for summer associates’ time. Nate Raymond reports in the New York Law Journal that Citigroup Inc. has told its outside counsel that it will not pay for law students’ time. Citi does not stand alone:

J. William Dantzler Jr., a tax partner at White & Case who oversees hiring in New York, said with regard to billing clients for summer associates, it has been “a slide for 10 years.”

“More and more clients don’t want summer associates to bill to them,” he said. “When I started almost all clients would accept it. And it’s evolved to where a lot of clients don’t.”

Ironically, because of the huge decline in the number of summers brought in, they’re more likely to actually do substantive work this year. One Biglaw firm, for example, instituted a requirement last year that every summer associate produce at least one piece of seriously impressive legal writing. Which firm is it?

double red triangle arrows Continue reading “Welcome, Summer Associates! We’re Glad You’re Here, But Clients Aren’t.”

53 Comments

Career Alternatives: Internship Market Maker

By

Every now and then, we like to offer our readers some career alternatives — things you can do with your law degree and legal training that don’t involve, say, working in a large law firm or as a contract lawyer. We’ve profiled a wide range of individuals, from lawyers who have left the law for everything from football coaching to CEO-ing to therapy (giving, not receiving).

A number of past profiles have involved attorneys turned entrepreneurs. We’ve looked at lawyers who have started restaurants and gone into college admissions consulting. We’ve profiled a lawyer who makes hot tamales, and a lawyer who is a hot tamale.

Today we continue down the path of attorneys who have gone from representing companies to launching them. Our latest interviewee has started a company, Urban Interns, that might be of interest to any ATL readers who are looking to hire interns — or any ATL readers who are looking for internships, which can provide valuable experience and/or a paycheck (of great value during these times of still-high unemployment).

Meet Cari Sommer, a Biglaw alum who last year launched Urban Interns….

double red triangle arrows Continue reading “Career Alternatives: Internship Market Maker”

14 Comments

The Proskauer-to-Cadwalader Litigation Defections: Another Perspective

By

Cadwalader Wickersham Taft new logo CWT AboveTheLaw blog.jpgEarlier this month, we broke the news of three prominent Proskauer partners — Louis Solomon, Hal Shaftel, and Colin Underwood — jumping ship to Cadwalader. In addition, Michael Lazaroff, who has been senior counsel at Proskauer, will join Cadwalader as special counsel (as noted in the New York Law Journal).

In its press release, Cadwalader touted their arrival as a coup. And that’s generally how the news was covered (which is so often the case with law firm moves).

But covering every move by partners from Firm A to Firm B as a triumph for Firm B, the receiving firm, isn’t always accurate. Sometimes Firm A is perfectly happy to see lawyers leave. Sometimes firms even squeeze out departing partners — a trend that has been on the upswing during the recession.

With respect to the Proskauer-to-Cadwalader moves, is there perhaps more to this than meets the eye?

double red triangle arrows Continue reading “The Proskauer-to-Cadwalader Litigation Defections: Another Perspective”

16 Comments

Musical Chairs: Cadwalader Snags Three Prominent Proskauer Partners

By

Cadwalader Wickersham Taft new logo CWT AboveTheLaw blog.jpgThree litigation partners have just joined Cadwalader from Proskauer, according to a firm-wide email circulated at CWT by firm chairman Chris White and litigation chair Gregory Markel.

The three partners are Louis Solomon, Hal Shaftel, and Colin Underwood. Their bios are still available on the Proskauer website (here, here, and here). Solomon previously chaired Proskauer’s litigation department; Underwood was co-head of Proskauer’s antitrust group.

In other Cadwalader news, class of 2010 incoming associates have their start date: September 27, 2010. This is a nice, normal start date. Commented one of future associates:

I’m very happy…. It’s 64 degrees in the city, and I’ve got a start date in 2010. Things are looking good.

Cadwalader was a “leader” in terms of lawyer layoffs: it moved early, and it cut deeply. But now the firm seems to be doing quite well — along with another firm known for heavy layoffs, Latham & Watkins.

Food for thought: Are the firms that conducted large-scale layoffs now reaping the benefits of their “right-sizing”?

More details about the pirated Proskauer partners, after the jump.

double red triangle arrows Continue reading “Musical Chairs: Cadwalader Snags Three Prominent Proskauer Partners”

46 Comments

Open Thread: When Do You Start Work, Class of 2010?

By

start date 3Ls ready for Biglaw start dates.jpgLucky little 3Ls with offers, are you dreaming of the Biglaw days that await you? If your firm didn’t tell you last summer that you would be deferred, you should be hearing about your start date soon… right?
Some people have started hearing news. Those heading to White & Case have not gotten start dates but they have heard about their deferral stipend. From a firm e-mail:

We are pleased to confirm that we will be paying a stipend of US$65,000 to students whose start dates have been deferred to Fall 2011. Almost all of you have accepted your offers, and we look forward to having you back at the Firm.

Some especially lucky little 3Ls actually know when they get to start…

double red triangle arrows Continue reading “Open Thread: When Do You Start Work, Class of 2010?”

25 Comments

Cadwalader Profits Per Partner Are Up, Way Up

By

Cadwalader Wickersham Taft new logo CWT AboveTheLaw blog.jpgCadwalader conducted layoffs, early and often. Massive, bloody layoffs. Now, Am Law Daily tells us what they won:

Cadwalader, Wickersham & Taft on Tuesday reported a 28 percent increase in profits per partner, the firm’s first positive results since 2007.
Yet while the firm enjoyed a slight increase in net income, some of the increase in its per-partner average earnings appears attributable to a nearly 21 percent loss in the number of equity partners. Gross revenue fell nearly 10 percent, a drop that W. Christopher White, the firm’s chairman, calls “very strong in light of a steep contraction in the finance market.”

I think that there are going to be a lot of stories about firms that conducted massive layoffs who are now experiencing PPP increases.
More details after the jump.

double red triangle arrows Continue reading “Cadwalader Profits Per Partner Are Up, Way Up”

53 Comments

Associate Bonus Watch: Cadwalader
(Plus news of some partner moves.)

By

2009 Associate bonus watch above the law.JPGTime for a belated bonus announcement. A few weeks ago, associate bonuses were announced at Cadwalader, Wickersham & Taft.

The bonuses were basically on the Cravath scale, provided you meet “the bonus criteria set forth in the bonus policy.” We’re advised that the bonus criteria focus for the most part on hours, with bonuses triggered at around 2000 hours (1900 billable).

In other CWT news, we hear that two real estate partners — Alan Lawrence and John Busillo — are leaving the firm for Arnold & Porter. Sources describe them as “heavy hitters” who “still have some business.”

The CWT bonus memo, after the jump.

double red triangle arrows Continue reading “Associate Bonus Watch: Cadwalader
(Plus news of some partner moves.)“

28 Comments

Fall Recruiting Open Thread: Vault 51 – 60 (2010)

By

comparing.jpgWe’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.

double red triangle arrows Continue reading “Fall Recruiting Open Thread: Vault 51 – 60 (2010)”

76 Comments

Nationwide No Offer Watch: Look to the Left, Look to the Right, One of You Will Not Be Working At Cadwalader

By

no offer factories.jpgLate 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

92 Comments

Cadwalader Is Hiring — Kind Of

By

Cadwalader Wickersham Taft new logo CWT AboveTheLaw blog.jpgMany 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.

double red triangle arrows Continue reading “Cadwalader Is Hiring — Kind Of”

89 Comments
Page 4 of 1212345678...12