Editor's Comment: Mortgage-hacked
Clifford Chance (CC) must have been punching the air as news emerged last week that Cadwalader Wickersham & Taft had become the first premier-division US firm to announce job cuts in response to the prolonged credit market turmoil. After all, CCs decision to make six structured finance lawyers redundant in November looked like a calculated risk for a firm whose reputation with Manhattan recruiters had only just recovered after the troubled marriage to Rogers & Wells. With Cadwalader making more than five times that number redundant, CC is off the hook, but the wider legal community will now be focused on the scope for more cuts in the US and beyond.
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