Cadwalader Lays Off 96 More Lawyers

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.

Of the 96 affected lawyers, White says 90 percent "are being laid off because of the downturn in the real estate finance and securitization market." The job reductions principally affect Cadwalader's New York, Charlotte, and London offices (the majority are in New York); one or two Washington, D.C., lawyers also face cuts, White says. Most are associates, though some special counsel are affected.

Cadwalader also is dismissing administrative staff, White says, though numbers were not immediately available. Cadwalader already had a hiring freeze in place since the fall, which remains in effect. To date, at least 21 staffers have left and not been replaced.

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