Categories:UK,United States

Cadwalader makes 96 redundant; total 131 this year

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  • Wow

    That's one sixth of their lawyers. I wouldn't just be worried about the long term future of their London office.

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  • Cadwalader

    Cadwalader is a firm made up of very arrogant and successful guys. The firm had a 10:1 leverage on securitisations which were just flooding in. They really caught the wave on that trend. But things changed and I don't think they expected the market to die instead of dry up more gradually.

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  • Poor planning

    A few redundancies as a result of the credit crunch are understandable, but great swathes of them like in this case suggest very poor planning on behalf of the firm.

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  • Not confidence inspiring

    The fact that the firm is prepared to slash jobs to maintain profitability sends a message to clients that the firm is businesslike and not afraid to make difficult decisions, but equally if not more so, it also sends the message that the firm doesn't have a great head for forward business planning. Which isn't good.

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  • Tip of the Iceberg

    History will repeat itself and when the market picks up firms will be frantically recruiting again, which will lead to another pay war in a couple of years time (so there may be some longer term benefits after all). Another example of short-sighted management by law firms.

    Firms are happy to take the credit in the good times when it would have been hard not to have flourished on the backs of other industres (how many firms can you think of that have done badly in the last few years?), but are quick to blame the markets during the bad times. Where are the reserves from the mountains of cash made in recent years for a rainy day?

    Oh, there are none because the partners have trousered all the cash and spent it.

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  • Accountancy firms

    Have there been many redundancies at acountancy firms, or are they managed more competently?

    I haven't heard of any in the general press, but have not read any industry press.

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