Cadwalader Wickersham & Taft, lengthy seen as a stalwart of Wall Road legislation companies, now appears to be scrambling to regular its ship. Already battling turbulence, the agency simply shook the desk once more — this time, by naming a brand new co-managing companion within the midst of mass companion exits and swirling merger chatter. The timing, and optics, are onerous to disregard.
As famous by the American Lawyer, the agency not too long ago introduced the appointment of Wesley Mission, the agency’s finance group chair, to help Patrick Quinn, the agency’s longtime managing companion. The agency hasn’t had a co-managing companion in a decade. In a memo to companions, Quinn mentioned that Mission “has been serving alongside me successfully as co-managing companion, and I’m thrilled that he has agreed formally [to] tackle the function.” So what, precisely, is Mission’s mission at CWT?
The addition of a co-managing companion might counsel the agency is hedging its bets in an try to cease the bleeding. Over the previous a number of months, Cadwalader has misplaced greater than 40 companions to competitor companies, with high-profile defections hitting core practices. Many of those strikes are reportedly tied to inside dissatisfaction over the agency’s controversial settlement with the Trump administration, through which CWT pledged $100 million in professional bono payola to assist keep away from punitive govt orders. Some companions seen the deal as a capitulation, prompting their resignations in protest.
This expertise drain brought about merger rumors to swirl, and maybe the agency hopes that Mission’s appointment will stem additional companion loss, reestablish confidence in Cadwalader’s platform, and handle — or a minimum of resist — additional merger overtures. Earlier this month, the agency provided Am Regulation the next touch upon its speculated merger plans:
In line with a agency chief, “Cadwalader has obtained inbound curiosity from a number of companies over time, however shouldn’t be at the moment engaged in merger discussions.” The chief added that the agency considers all strategic alternatives which are greatest for it and its shoppers.
Briefly, Cadwalader’s announcement of a co-managing companion is as a lot a firefight as it’s a renewal. The agency is trying to reassert management amid spiraling exits and uncertainty. What’s going to matter most right here, nonetheless, is whether or not Mission and management can engineer a coherent restoration — or whether or not Cadwalader will likely be compelled right into a merger by necessity, not selection.
Cadwalader Names New Co-Managing Associate [American Lawyer]
As Opponents Eye Cadwalader For Expertise, Regulation Agency ‘Not Engaged’ in Merger Talks [American Lawyer]
Staci Zaretsky is the managing editor of Above the Regulation, the place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to e-mail her with any ideas, questions, feedback, or critiques. You may comply with her on Bluesky, X/Twitter, and Threads, or join along with her on LinkedIn.
