Law Firms

Cadwalader Boosts Bankruptcy Practice

In an ongoing effort to amp up its financial restructuring practice in the U.S. and abroad, Cadwalader, Wickersham & Taft has hired another six attorneys this week and plans to add more in London.

That follows the firm’s addition of more than a dozen lawyers to the practice area earlier this year, reports Reuters. Cadwalader and other law firms have been gearing up for more bankruptcy business due to increased litigation against banks and other lenders following the subprime mortgage industry meltdown in recent months. The debacle has also resulted in a lack of financing for transactions that has created problems for some companies.

Meanwhile, capital markets partner Karen Gelernt advised fellow attorneys and clients in a briefing today that proper due diligence is critical in corporate transactions, the article continues.

One important tactic that is often overlooked, she noted, is visiting the company in person. However, attorneys should be prepared for potential problems in contentious matters, she added, noting that one lawyer a decade or so ago ended up with slashed tires. Advised Gelernt: “Make sure you have spares.”

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