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Cadwalader partners revolt as profits fall

published November 18, 2008

By CEO and Founder - BCG Attorney Search left
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( 7 votes, average: 4.7 out of 5)
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11/18/2008

Cadwalader partners revolt as profits fall

Conflict between partners Cadwalader Wickersham & Taft, Wall Street's fifth most profitable firm, has reached a critical juncture. The Lawyer.com reports that managing partner Bob Link could be ousted this week following a calamitous year that has seen the firm's core markets collapse. Link will be removed from the management committee meeting at a meeting on Wednesday, November 19. The prospect has caused bitter infighting between the firms' senior partners. Link's strategy to bolster Cadwalader's dependence on capital markets and real estate finance proved unwise when these markets declined and Lehman Brothers failed; there was no hedge to support them.

Orrick Announces Cuts
Forty associates from Orrick Herrington & Suttcliffe's real estate, structured finance and corporate practice groups will lose their jobs, according to reporting from Lawyer.com. Thirty-five business services firms are also expected to go. These cuts do not affect the recently hired 15 associates and 30 partners from now defunct Heller Ehrman, as they are employed in practice areas less affected by the downturn.

Upside to Down Economy: More Lateral Partners Available
Many highly-skilled firm partners are suddenly in need of employment after the dissolution of several prestigious law firms. Other partners who are uncertain about their firms' financial futures have taken a proactive approach and are considering their options elsewhere. The expanded talent pool has significantly altered firms' hiring practices: in general they are now much more cautious about who they bring on board and are taking much longer to make their decisions. Firms remain especially interested in lateral partners with large books of business.

Alternative Summary

Harrison is the founder of BCG Attorney Search and several companies in the legal employment space that collectively gets thousands of attorneys jobs each year. Harrison’s writings about attorney careers and placement attract millions of reads each year. Harrison is widely considered the most successful recruiter in the United States and personally places multiple attorneys most weeks. His articles on legal search and placement are read by attorneys, law students and others millions of times per year.

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About LawCrossing

LawCrossing has received tens of thousands of attorneys jobs and has been the leading legal job board in the United States for almost two decades. LawCrossing helps attorneys dramatically improve their careers by locating every legal job opening in the market. Unlike other job sites, LawCrossing consolidates every job in the legal market and posts jobs regardless of whether or not an employer is paying. LawCrossing takes your legal career seriously and understands the legal profession. For more information, please visit www.LawCrossing.com.

published November 18, 2008

By CEO and Founder - BCG Attorney Search left
( 7 votes, average: 4.7 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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