Cadwalader Lays Off Nine More Associates
Posted Jan 22, 2009 9:35 AM CST
By Debra Cassens Weiss
Cadwalader, Wickersham & Taft has laid off nine more associates after its disclosure that partner profits for 2008 are down by 30 percent.
Three of the associates are from the firm’s New York office and six are from Charlotte, N.C., according to the Wall Street Journal Law Blog.
"The firm has also seen the departure of the chair of its insurance and reinsurance department, Clifford Schoenberg, who has left to join Mayer Brown," reports Legal Week.
Average profits per equity partner at Cadwalader fell to $1.88 million for 2008, down from $2.725 million the year before. The firm laid off 96 lawyers in July. Earlier this month, seven out of 11 partners in the firm’s London office decided to jump to Paul Hastings Janofsky & Walker.
Updated at 7 a.m. Friday to correctly note that six, rather than 9, associates were laid off from the Charlotte office. The ABA Journal regrets the error. Updated at 2:25 p.m. Friday to include link to Legal Week article.