Cadwalader, Wickersham & Taft has made 35 lawyers across its US offices redundant. The news broke today (10 January) in a statement from the firm which blamed "unexpected and persistent volatility" in sectors of the financial markets that have affected the capital markets, Cadwalader's clients and certain practice groups within the firm.
The release continued: "Cadwalader, Wickersham & Taft is responding to these market developments with a number of initiatives: Targeted personnel reductions will affect 35 lawyers in our US offices. Other strategies involve continued practice diversification, practice enhancements, and strategic redeployment of certain persons." It is not yet known whether the job cuts will also affect support staff.
Cadwalader's job cuts means it is the latest in a growing line of US firms to have made lawyers redundant following last year's credit crunch. In December Wall Street firm Thacher Proffitt & Wood warned 50 of its associates they faced redundancy while structured finance boutique McKee Nelson significantly restructured its groups by offering associates beneficial terms to leave.
In November, Clifford Chance laid off six-lawyers in its structured finance group in New York.