Cadwalader, Wickersham & Taft announced Thursday it was laying off 35 lawyers in the face of slumping credit markets. It's not the first law firm to announce cutbacks in the face of the slowdown, but it's arguably the most prominent. The firm's practice advising on the issuance of mortgage-backed securities helped catapult it to the top of the profession's profitability charts in recent years. Litigation department head Gregory A. Markel said Cadwalader was confident there would be no more layoffs.
Cadwalader Laying Off 35 in Wake of Slumping Markets
New York Law Journal
January 11, 2008