"Thirty-seven lawyers have jumped to Orrick, Herrington & Sutcliffe from Cadwalader, Wickersham & Taft. The group, which includes 10 incoming partners, has expertise in collateralized loan obligations and asset-backed lending, report Law.com, Bloomberg Law, Law360 and an Oct. 6 press release from Orrick. The lawyers will join a new office in Charlotte, North Carolina, as well as Orrick offices in London; Washington, D.C.; and New York."
"Bloomberg Law reported on a "lawyer exodus" from Cadwalader on Sept. 29 in a prior article based partly on anonymous sources. The publication counted 33 partners who left the law firm since the beginning of the year for new positions or for retirement. The tally included eight of the partners departures announced by Orrick on Monday. Two of the other lawyers joining Orrick as partners listed their Cadwalader position as special counsel on LinkedIn."
"Some partners are leaving for firms that provide a wider range of services, said Sabina Lippman, global managing partner at the CenterPeak recruiting company, in an interview with Bloomberg Law. "When you see groups going to Orrick or Proskauer or Sidley, they're going to firms that have a much more efficient cross selling platform," she said. After the partner losses, Bloomberg said, Cadwalader faces "a stark choice: Stay the course and risk losing ground to competitors, or shake up the business model and possibly even consider a merger.""
Thirty-seven lawyers moved from Cadwalader, Wickersham & Taft to Orrick, Herrington & Sutcliffe, including ten incoming partners with expertise in collateralized loan obligations and asset-backed lending. The group will staff a new Orrick office in Charlotte and join Orrick teams in London, Washington, D.C., and New York. Bloomberg counted 33 partners who left Cadwalader and Law360 reported at least 23 partner defections this year. Some partners are leaving for firms that offer a wider range of services and more efficient cross-selling platforms. Cadwalader's revenue ranking fell from No. 39 in 2007 to No. 85 by the end of 2024, and its capital markets practices are sensitive to interest rate changes.
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