Cadwalader Wickersham & Taft is making a second major round of redundancies, laying off 96 lawyers across its offices in the US and UK.
For the first time the US firm’s London office is affected, with 11 of the 96 based in Cadwalader’s City office (more). The cuts will inevitably raise a question about the long-term future of Cadwalader’s London presence.
Elsewhere, New York is understood to be the hardest hit office followed by Charlotte and Washington DC.
The cuts are all being made in Cadwalader’s capital markets and global finance groups. In a statement, Cadwalader blamed the continuing “very significant slowdown” in the real estate finance and securitisation markets, which began a year ago.
“With CMBS issuance down 82 per cent in 2008, it appears that the real estate finance and securitisation businesses will remain slow for the foreseeable future,” the firm added.
In January, Cadwalader laid off 35 lawyers across its US offices, with the firm then blaming “unexpected and persistent volatility” in sectors of the financial markets that had affected the capital markets (The Lawyer, 10 January).
For editorial comment on the Cadwalader redundancies, see The Lawyer in New York.