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  • August 6, 2008 | International Edition

    Commentary: Cadwalader's tough guy image to face a punishing test

    Cadwalader Wickersham & Taft does not have a reputation for being the cuddliest law firm in the world but, even by its standards, last week's announcement that it is to lay off 96 fee earners was uncompromising stuff. Combined with the 35 job losses announced in January, Cadwalader predicts it will have 580 lawyers in September 2008 compared with around 720 at the end of 2007 - a drop of almost 20%. The only obvious recent precedent for such drastic action at a major law firm is the series of savage cuts that were seen at some of California's tech-focused firms, which had ridden the dotcom wave only to suffer badly during the slump of 2002 and 2003.

    1 minute read

  • August 6, 2008 |

    Commentary: Cadwalader's tough guy image to face a punishing test

    Cadwalader Wickersham & Taft does not have a reputation for being the cuddliest law firm in the world but, even by its standards, last week's announcement that it is to lay off 96 fee earners was uncompromising stuff. Combined with the 35 job losses announced in January, Cadwalader predicts it will have 580 lawyers in September 2008 compared with around 720 at the end of 2007 - a drop of almost 20%. The only obvious recent precedent for such drastic action at a major law firm is the series of savage cuts that were seen at some of California's tech-focused firms, which had ridden the dotcom wave only to suffer badly during the slump of 2002 and 2003.

    1 minute read

  • July 30, 2008 |

    Cadwalader lays off 96 in new round of cuts

    Cadwalader Wickersham & Taft announced today it is laying off 96 lawyers in a second round of job cuts as the Wall Street firm continues to cope with the ongoing effects of the credit crunch.W Christopher White, the firm's chairman, says the cuts will be in its capital markets and global finance groups, which have been hit hard by the reduced appetite on Wall Street for commercial mortgage-backed securities. The cuts are on top of the 35 associates Cadwalader laid off in January, bringing the total to 131.

    1 minute read

  • July 24, 2008 | International Edition

    National firms unveil new NQ pay rates

    Pinsent Masons, Hammonds and Wragge & Co have become the latest regional outfits to unveil associate salary rates for the coming year, with differences between the firms' London and regional bases coming to the fore. Pinsents has raised its newly-qualified (NQ) rates in the City to £64,000, with a £1,000 increase on last year, equating to a 1.6% rise.

    1 minute read

  • July 24, 2008 |

    National firms unveil new NQ pay rates

    Pinsent Masons, Hammonds and Wragge & Co have become the latest regional outfits to unveil associate salary rates for the coming year, with differences between the firms' London and regional bases coming to the fore. Pinsents has raised its newly-qualified (NQ) rates in the City to £64,000, with a £1,000 increase on last year, equating to a 1.6% rise.

    1 minute read

  • July 23, 2008 |

    Respected ex-Tyco legal chief joins Dechert as senior counsel

    The former executive vice president and chief legal officer of Tyco International, William Lytton, has joined Dechert's New York office as senior counsel. He will advise corporations and their boards on corporate governance, corporate investigations and global legal services, while also pursuing other personal and non-law firm related activities.

    1 minute read

  • July 17, 2008 |

    Field Fisher signals financial services drive with regulatory partner hire

    Field Fisher Waterhouse has bolstered its financial services practice with the hire of Dechert partner Duncan Black. Black, a partner with Dechert since 1992, will advise on regulatory matters for the financial services sector, with a focus on asset management and hedge funds. Black, who joined Field Fisher this week (14 July) as part of a wider strategy to develop the firm's asset management capacity, takes the firm's financial services and funds group to two partners.

    1 minute read

  • July 16, 2008 |

    Rising in the east

    UK-qualified lawyers are in huge demand in China, with law firms looking for people with partnership potential. Philip Hoult looks at the state of play in the Asia-Pacific legal markets

    1 minute read

  • July 8, 2008 |

    Mayer Brown makes capital markets hire in Paris

    Mayer Brown has bolstered its French capital markets practice with the hire of Robert Flanigan to its Paris office. Flanigan, who joined the firm on 16 June, will head the capital markets practice and brings the total Paris partnership to 15.Prior to joining the Anglo-American firm, Flanigan headed up the capital markets practice at US rival Winston & Strawn in Paris for three years. He also previously worked at Shearman & Sterling.

    1 minute read

  • July 7, 2008 |

    Billion-dollar RUSAL dispute set for UK courts

    The long-running $4bn dispute between two Russian businessmen for a 20% stake of aluminium giant RUSAL is set to be heard in the UK courts. In a judgment handed down last week (3 July), Mr Justice Christopher Clarke confirmed Michael Cherney could pursue his claims against RUSAL owner Oleg Deripaska in England.Israeli-based businessman Cherney claims that as a result of a deal struck in London in 2001, Deripaska agreed to hold a 20% stake in RUSAL in trust for him.

    1 minute read