Cadwalader Wickersham & Taft

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Overview

One of New York's most long-established law firms, Cadwalader Wickersham & Taft continues to be recognised as a global leader for derivatives and structured finance. In London, however, the departure of high-profile office head and top restructuring man Andrew Wilkinson in March 2007 was hard to interpret as anything other than a blow to the firm.

"I think that the departure of Wilkinson marks the end of Cadwalader's London office's time in the limelight," says one contributor. "It could be an opportunity for his bag-carriers to come out from under his shadow and bloom but I suspect that we won't see the firm hitting the headlines any more. Will Andrew use Cadwalader when he is at Goldman? I am not so sure. If the restructuring practice were now to wither on the vine it would confirm that the success of the practice was all down to one man, and I can think of someone who wouldn't mind that point being made. Having said that, I can't see him instructing Clifford Chance in a hurry!"

"If this had happened two years ago it would have been bad news but now we have a solid base," counters a Cads partner. "His departure could be seen as a positive. Wilkinson never really built a team - it has always been him with a few people around him."

The firm hit the headlines for the wrong reasons again at the start of 2008, with the firm laying off 35 finance and capital markets lawyers, mostly in New York, as the credit crunch continues to take its toll on US advisers. The losses continued to mount up as the firm made a further 96 redundancies in July, including 17 London-based staff.

Click here for the full story of 12 turbulent months for the firm.

History

Cadwalader can trace its roots back as far 1792, making it among the US' oldest law firms (in its various guises). It took on its current name in 1914 and first branched out beyond New York in 1967, opening an office in Washington DC. Securitisation becomes its largest practice area during the 1980s and in 1996 the firm opens in Charlotte, North Carolina. It launches in London a year later.

Culture

Key departments/leading partners

Key departments in London are capital markets and real estate finance, which together account for around 70% of the office's turnover, as well as corporate, financial restructuring, litigation and tax.

The turmoil in the global credit markets that took hold in the second half of 2007 was a serious obstacle for Cadwalader, which is recognised in the US as a leader in mortgage-backed securities.

National/international coverage

Cads operates two further offices in the US alongside its Manhattan HQ, in Washington DC and Charlotte. London (launched in 1997) and Beijing (are the only overseas outposts.

Key clients

Clients cited by the firm as representative of its roster include Barclays Capital, Calyon, Credit Suisse, Deutsche Bank, European Credit Management, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley and Wachovia Bank.

Career prospects

Salaries

The firm pays £75,000 to newly qualifieds - well above City rates but, conversely, some distance below top-paying New York rivals like Cleary Gottlieb. First-year trainees at Cadwalader get £37,000, rising to £40,000 in the second year.

Recruitment

Cads takes on half a dozen trainees a year in the City.

Work-life balance

Diversity

Pro bono

Cadwalader describes its pro bono efforts thus:

"An active Pro Bono & Community Committee is led by a Pro Bono Coordinator and opportunities are available for legal and support staff. The range of initiatives is vast [and] while many activities and projects have been long affiliated with the firm, staff are active in pursuing individual opportunities that appeal to them as they arise.

"Of note is the award of a £10,000 'new partners' grant from Arts & Business in 2006 to fund a joint pro bono initiative between Cadwalader, the Almeida Theatre, and the Bridge School at Islington (students have severe or profound and multiple learning difficulties or autistic spectrum disorders; most have language delay and some are non-verbal communicators). Working with Cadwalader, the Theatre facilitated a series of workshops with the school over the course of the year, culminating in a play by the children, presented to parents, children and staff from the school and Cadwalader staff and friends."

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