Cadwalader Asks 34 Lawyers to Take One-Year Sabbatical
Cadwalader, Wickersham & Taft has announced that it has asked 34 of its lawyers to take a one-year sabbatical for “one-third of their current compensation and medical benefits.”
The firm says in the statement provided to the ABA Journal that its capital markets and real estate finance groups don’t have enough work for “particularly the young lawyers.” The firm said it will work to place those on sabbatical either with clients or nonprofit organizations for the year.
Cadwalader has made other rounds of cuts in the last 18 months. Above the Law noted in February that Cadwalader made three lawyers and 10 staffers in its London office subject to a redundancy consultation. The firm also laid off nine associates in January. It laid off 96 lawyers in July 2008 and 35 associates in January 2008.
Hat Tip: Above the Law
