Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Cadwalader Wickersham & Taft will not offer jobs to any of its City trainees due to qualify in March 2009.

The firm has told the intake that no-one will be offered a position with the firm on qualification.

The decision, which will affect three trainee solicitors, makes Cadwalader one of the first leading firms in the City to do this, as trainee retention rates have been high in recent years.

Cadwalader, which has had a 100% trainee retention rate over the last two-and-a-half years, blamed the move on worsening market conditions.

The firm will continue to recruit trainees.

Cadwalader has suffered a number of setbacks in the last 12 months following the collapse of the commercial mortgage-backed securities market – one of its traditional strongholds.

In January the firm laid off 35 associates across its US offices and in July made 96 redundancies, with 17 London-based staff affected.

There has been growing speculation in the market about the firm’s financial performance over the year, although partners within the firm last week denied claims that profits are set to fall by more than 50%.

Partners at the firm argued that the securities heavyweight has been hit no worse by the financial crisis than its main US competitors. Last year profits per equity partner fell by 6% to hit $2.72m (£1.82m).

The Manhattan firm is also in the process of overhauling its board with managing partner and former chairman Bob Link set to come off the management committee along with Charlotte head and real estate and securitisation partner Jim Carroll.

More news, deals and comment on Cadwalader Wickersham & Taft

Cadwalader Wickersham & Taft on the Legal Week Wiki

This premium content is reserved for
Law.com International Subscribers.


  • Customized news by region including UK, Asia, Europe, Latin America, Middle East, Africa, and North America
  • Cutting-edge research such as UK Top 100, China 45, and Asia 50
  • Get the inside track on the biggest breaking stories that delve deep into the issues behind the headlines
  • Comprehensive coverage of the dynamic legal market from people moves to the major international jurisdictions
  • Global view into how legal tech, business of law, in-house and regulatory environments are intersecting worldwide

Already a subscriber?


Law.com International Newsletters & Briefings

Sign Up Today and Never Miss Another Story.

Sign up for an unlimited number of complementary newsletters, alerts, and International Briefings. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 American Lawyer Media International, LLC. All Rights Reserved.