"According to Am Law 100 data, Cadwalader and Alston have similar revenue per lawyer and profits per equity partner-a positive sign for combination symmetry. Alston brought in $1.331 billion in revenue in 2024, slightly more than double Cadwalader's $638.2 million. In RPL, Alston generated $1.424 million while Cadwalader earned $1.495 million, a difference of only $70,000. Meanwhile, Alston's average PEP was $4.086 million last year, while Cadwalader's was $3.7 million, a difference of about $300,000."
"With a mass exodus afoot and growing questions about its long-term strategy and growth trajectory, rumors of Cadwalader Wickersham & Taft's reported interest in combining with another firm began to spread, and now one of the firm's potential suitors has been named. This could be one of the most consequential Biglaw mergers this year. As reported by the American Lawyer, Cadwalader has been in merger talks with Atlanta-based Alston & Bird, with at least two other firms chatting up the distressed Wall Street firm."
Cadwalader faces a mass exodus and growing questions about its long-term strategy and growth trajectory. The firm has been approached for merger discussions and is reported to have held talks with Atlanta-based Alston & Bird, while at least two other firms have engaged with Cadwalader. Am Law 100 data show similar revenue per lawyer and profits per equity partner between the firms despite Alston's larger overall revenue. Alston produced $1.331 billion in revenue in 2024 versus Cadwalader's $638.2 million; RPL and PEP differentials are modest. A combination would merge core banking and finance practices, expand national footprints, and create a more diversified platform. Cadwalader maintains it is in a strong financial position, projects over $600M in revenue, and remains confident in a standalone strategy.
Read at Above the Law
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