When the clock strikes midnight on December 31st and 2009 is rung in, don’t expect to see Cadwalader lamenting over the passage of time. By all accounts, Cadwalader has had a terrible year. Not only have they laid off an incredible amount of associates – many of whom remain unemployed – in two rounds of layoffs, but they have recently been hemorrhaging partners. Just this week, another partner departure was announced. Francis Seraboli, a healthcare partner, is joining Greenberg Traurig. Three other partners have also announced their departures. Hmmm . . .
Clearly, Cadwalader must be on the lookout for fresh partner talent to bolster their financials. Query who, with a vibrant book of business, would join them? Thelen, anyone? In the year before its demise, Thelen was recruiting partners. Is this a case of deja vu?
Believe me, 2009 promises to be an interesting year for Cadwalader. Do you think that the firm will survive to ring in 2010? Keep on the lookout for defecting partners – that is a good key to the financial health of any firm and its prospects for a prosperous future.
I wonder what the 131 laid-off associates think about this predicament. Schadenfreude perhaps?