Cadwalader UK to cut jobs after walkout
US firm Cadwalader Wickersham & Taft has launched a redundancy consultation in its London office, less than a month after losing seven of its partners and 12 associates to Paul Hastings (14 January).
Sources close to the firm said the consultation is likely to result in three lawyers, three paralegals and 10 support staff losing their jobs.
A spokesperson for the firm said: "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."
The firm's managing partner Bob Link (pictured), who has flown in from the US to take charge of the London office, is understood to be meeting with support staff this afternoon to discuss the redundancy programme.
Link plans to take charge of the London office for 12 to 18 months with a view of rebuilding the practice after partners Karl Clowry, Conor Downey, Michelle Duncan, Justin Jowitt, Tom O'Riordan, Christian Parker and Charles Roberts defected to Paul Hastings.
Cadwalader had threatened to sue the seven partners (27 January), but has since settled with the group.
A statement from the firm said: "Cadwalader and Paul Hastings are pleased to confirm that an amicable resolution has been agreed between them regarding Cadwalader personnel.
"The goal of both firms has been to recognise the interests of affected employees. The terms of the agreement reached are confidential and none of the parties will be commenting further."
Following the Paul Hastings defections Cadwalader has four partners and 14 associates based in London.
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Readers' comments (3)
Anonymous | 12-Feb-2009 5:47 pm
CWT R.I.P.
Cadwalader again in the news for the wrong reasons.
"Following the Paul Hastings defections Cadwalader has four partners and 14 associates based in London" ... Yes, for now but this is the third round of redundancies after the first one was presented as being the only one (by the very Bob Link!). 18 lawyers, down from about 80 two years ago!!The way Bob Link seems to want to rebuild the London office is getting rid of everyone (including support staff who had been there from the very beginning) and then start all the way from scratch again. Great management strategy!! Makes you wonder how this firm came to be the oldest Wall Street firm around. Probably not thanks to the likes of Bob Link and Chris White.
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Anonymous | 12-Feb-2009 6:14 pm
Anon
How awful that people have been made redundant at this crucial time for the firm. Practically all the people who would have had some residual loyalty to Cadwalader and therefore would have stuck it out through the rebuilding process now have lost their jobs or have lost a friend at work. The rebuilding process will literally be from scratch now!
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Anonymous | 14-Feb-2009 6:07 pm
Thank you to Paul Hastings
Not for headhunting the partners and associates, resulting in these new redundancies but for the enhanced redundancy package CWT are now passing off as it's own. May CWT now rot in the backwaters it surely belongs. Protectionism of Americans at its worst.
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