Cadwalader Wickersham & Taft cuts London by a fifth

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  • Short-termism

    There's an ignorance about what to do in a downturn. Firms like Cadwalader end up cutting back on associates and you end up with partners doing the work associates were doing at twice the price. At the end of the day, the clients suffer.

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  • Summer party - correction

    No money was saved in cancelling the summer party (it was a package that they had fully paid for up front which was mostly if not entirely non-refundable).

    The party was scheduled for Friday 1 August and they cancelled the party on Monday of last week just prior to the redundancies because they realised belatedly that it would be completely inappropriate to have an office party the same week as planned redundancies (in fact, the same day, as the announcements were originally going to be made on Friday).

    As a result, everyone in the London office knew last Monday that there would be layoffs last week (as everyone knew that the firm was not saving any money by cancelling the party less than a week in advance).

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