Cadwalader has taken hit after hit after hit in current instances, with sweeping lateral moves affecting one of many agency’s core practices. Whereas prior to now, the agency brushed off merger rumors with denials, it now appears to be confirming that there’s lots of curiosity from different high corporations. The prospect of a merger for the embattled agency now looks as if it could be gaining momentum.
In keeping with the American Lawyer, a mixture could also be on the horizon for Cadwalader, however the agency’s reported merger companion is shrouded in thriller. Listed here are some further particulars:
[S]ources have indicated within the final week that Cadwalader has been talking with a number of corporations recently and the tempo of talks has picked up. One supply conversant in the circumstances described the set of courters as a rolling group of three.
Sources say doable merger companion corporations are seemingly ranked within the Am Regulation 25 to Am Regulation 50 vary — the place corporations’ gross revenues exceed $1 billion — and are typically concerned about Cadwalader’s company practices and its massive New York workplace. Cadwalader, ranked No. 85 within the Am Regulation 100, generated $638 million in gross income final 12 months.
Cadwalader issued an announcement, noting that it had certainly been “approached” by different corporations, with a spokesperson saying, “We’ve been approached by many top-tier corporations for years, and that continues.”
What’s going to occur subsequent for Cadwalader? Trade insiders say that the agency ought to anticipate further companion exits, whereas the agency’s spokesperson says “[t]he agency is in a really robust monetary place and stays assured in our standalone technique.” So, will the agency stand alone and face a slow death by departure like Stroock? Or will it embrace the prospect of a merger and lean on power of a possible Biglaw suitor to remain the course? We’ll be watching to see whether or not Cadwalader can flip its woes right into a approach ahead.
Cadwalader Merger Talks Pick Up Pace [American Lawyer]
Wall Street’s Oldest Biglaw Firm Appoints Co-Managing Partner Amid Mass Exits And Merger Rumors
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 email her with any ideas, questions, feedback, or critiques. You’ll be able to observe her on Bluesky, X/Twitter, and Threads, or join together with her on LinkedIn.
