Cadwalader, Wickersham & Taft announced today it is laying off 96 lawyers in a second round of job cuts as the Wall Street firm continues to cope with the ongoing effects of the credit crunch.

W. Christopher White, the firm’s chairman, says the cuts will be in its capital markets and global finance groups, which have been hit hard by the reduced appetite on Wall Street for commercial mortgage-backed securities. The cuts are on top of the 35 associates Cadwalader laid off in January, bringing the total to 131.

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