Cadwalader, Wickersham & Taft

Infobox Law Firm
firm_name = Cadwalader, Wickersham & Taft LLP
firm_
headquarters =
num_offices = 5
num_attorneys = 721 [ [http://www.law.com/jsp/article.jsp?id=1194516246671 Law.com - The 2007 NLJ 250 ] ]
practice_areas = Full Service Law Firm
revenue = profit $587 million [ [http://www.law.com/jsp/tal/PubArticleTAL.jsp?&id=1208947716661 Two Firms Pass the $2 Billion Mark ] ]
date_founded = 1792 (New York City)
company_type = LLP
homepage = [http://www.cwt.com www.cwt.com]

Cadwalader, Wickersham & Taft LLP is the oldest continuously-operated law firm in the United States. [ [http://www.cadwalader.com/view_about_cadwalader.php?page=11 History ] ] Established in New York City in 1792, Cadwalader is now one of the leading financial law firms in the world. [http://www.google.com/url?sa=t&ct=res&cd=3&url=http%3A%2F%2Fwww.cadwalader.com%2Fassets%2Fnews_release%2F100506IFLR1000.pdf&ei=AeEjSIKeJYWIpAS-kOWwCw&usg=AFQjCNFcZof3RtfbLGQQV6pKQTMyMWajmA&sig2=03TOziO8LzJGVJR4yMQjmA] The firm is highly rated by "Chambers and Partners" [cite web |url=http://www.chambersandpartners.com/usa/FirmProfile.aspx?fid=3518 |title=Chambers and Partners] in the areas of capital markets, real estate, insurance, and income tax. According to the most recent AmLaw 100 survey by "The American Lawyer", a "New York Law Journal" affiliate, Cadwalader had profits per partner of $2.9 million in 2006, topped only by perennial leaders Wachtell, Lipton, Rosen & Katz and Cravath, Swaine & Moore and ahead of Sullivan & Cromwell, Davis Polk & Wardwell, Simpson Thacher & Bartlett and other elite names. "Vault," a leading provider of legal and financial services career information, ranked Cadwalader 39th in its 2009 list of the 100 most prestigious law firms worldwide. Recently ranked 26th by "Vault" in 2008, Cadwalader's fortunes have suffered as its once-booming mortgage-backed securities business, which catapulted it to the top of the profits per partner charts in 2006, has now dried up in the recent credit crisis. In January 2008, Cadwalader was forced to lay off 35 attorneys in its structured finance department, as it did not have enough business to provide them with work. Then, in July 2008, Cadwalader laid off 96 attorneys in the same practice area for much the same reasons.

In light of the recent stress in the financial markets, Cadwalader has significantly strengthened its financial restructuring practice and has formed a new, covered bonds practice group. The firm's intellectual property litigation practice has also benefitted from a surge of work in recent months. Cadwalader's current Chairman is W. Christopher White and its Managing Partner is Robert O. Link, Jr.

Founding and History

Cadwalader was founded by an orphan, John Wells, in lower Manhattan. In 1818, Wells established one of the first law partnerships with George Washington Strong. Upon Wells' death in 1823, Strong asked George Griffin to join him as his partner. This partnership lasted until 1838, when they separated amicably, and Strong entered into a new partnership with Marshall S. Bidwell. In the same year, Strong's son, George Templeton Strong, joined the firm as a clerk; he became a partner in 1845. When George Washington Strong died in 1855, the firm was renamed Bidwell & Strong by virtue of Bidwell's more senior status, but over the following years it was George Templeton Strong who became the more prominent.

Strong became disillusioned with legal practice toward the end of his life, the final straw being Bidwell's death in late 1872. Strong resigned from the firm at the end of that year, leaving it in the hands of his cousin Charles E. Strong. Charles Strong wished to form a partnership with his friend John Lambert Cadwalader, but this had to wait until 1878, due to Cadwalader's appointment as an Assistant Secretary of State.

Henry W. Taft joined the firm in 1889 and became a partner in 1899. His special expertise in antitrust matters led to his appointment, in 1905, as Special Assistant to the United States Attorney for the Southern District of New York, to supervise the government's case against the American Tobacco Company. He returned to the firm in 1907.

George W. Wickersham joined the firm in 1883, and became a partner in 1887. In 1909 he was appointed United States Attorney General by President William Howard Taft, brother of Henry W. Taft. When he returned to the firm in 1914 it was renamed Cadwalader, Wickersham & Taft, Strong having died in 1897.

The firm began mass layoffs during the 2008 recession. The firm is said to have laid off 130 attorneys in less than six months, encompassing almost 20% of its entire staff. [ [http://dealbook.blogs.nytimes.com/2008/01/10/cadwalader-to-lay-off-35-lawyers/ New York Times, 10 January 2008--Cadwalader to lay off 35 lawyers] ] [ [http://blogs.wsj.com/law/2008/07/30/cadwalader-to-cut-96-lawyers/ Wall Street Journal, 30 July 2008--Cadwalader to cut 96 lawyers] ] While many other large law firms have laid attorneys off during the 2008 recession, this is currently the largest layoff to hit the larger "super prestige" firms since the dismantling of Brobeck, Phleger & Harrison.

Names of the firm

During its history, Cadwalader, Wickersham & Taft has been known by a number of names:
* John Wells (1792-1818)
* Wells & Strong (1818–1823)
* Griffin & Strong (1823–1837)
* Griffin, Strong & Griffin (1837–1838)
* Strong & Bidwell (1838–1845)
* Strong, Bidwell & Strong (1845–1855)
* Bidwell & Strong (1855–1873)
* Charles E. Strong (1873–1878)
* Strong & Cadwalader (1878–1914)
* Cadwalader, Wickersham & Taft (1914–present)

The firm became a limited liability partnership in 2004.

Offices

* New York City (One World Financial Center)
* London
* Charlotte, North Carolina
* Washington, DC
* Beijing

ee also

*White shoe firms
*The Magic Circle

References

External links

* [http://www.cadwalader.com/ Cadwalader, Wickersham & Taft home page]
* [http://biz.yahoo.com/ic/40/40700.html Yahoo profile]
* [http://www.lawperiscope.com/profiles/015.html LawPeriscope Profile]
* [http://www.thefreelibrary.com/Cadwalader%2c+Wickersham+%26+Taft+Takes+Collaboration+Online+With...-a075276565 Cadwalader, Wickersham & Taft Takes Collaboration Online With IntraLinks; Leading Law Firm Increases Speed and Efficiency While Reducing Costs]
* [http://www.answers.com/topic/cadwalader-wickersham-taft?cat=biz-fin Answers.com profile]
* [http://www.law.com/jsp/llf/PubArticleLLF.jsp?id=1170682662248 Does the Future Belong to Cadwalader]