In one of the most significant lateral moves of 2025, Orrick, Herrington & Sutcliffe LLP has recruited a 37-lawyer team—including 10 prominent partners—from Cadwalader, Wickersham & Taft LLP. This strategic acquisition bolsters Orrick’s global debt finance and structured finance practices, expanding the firm’s footprint across key financial markets in the United States and the United Kingdom.

A High-Profile Talent Shift

The team’s move represents a substantial reshaping of the competitive landscape in the structured finance and collateralized loan obligation (CLO) sectors—areas that have seen renewed client demand amid ongoing market volatility and tightening credit conditions. The group includes leading attorneys in CLO formation, asset-backed lending, and fund finance, practices that have long been a hallmark of Cadwalader’s strength.

According to Orrick’s statement, the lawyers will join the firm’s offices in London, Washington, D.C., and New York, while also spearheading the launch of a new office in Charlotte, North Carolina—a growing hub for financial law and capital markets work. This move signals Orrick’s strategic intention to deepen its connections with institutional clients and private credit funds concentrated in the region.

David Quirolo, one of the partners leading the transition, emphasized the synergy between Orrick’s existing capabilities and the new arrivals. “Orrick has a strong structured finance practice in the U.S., and there’s a huge opportunity to replicate that scale and sophistication in the U.K. and Europe,” Quirolo stated.

A String of Departures at Cadwalader

This mass departure follows a series of high-level exits from Cadwalader over the past year, suggesting that the firm is undergoing a transitional period marked by both challenges and strategic reshuffling.

• Proskauer Rose LLP recently opened a new office in Charlotte by hiring four leveraged-finance partners from Cadwalader, reinforcing its own position in the competitive finance market.
• Earlier this year, Sidley Austin LLP expanded its real estate finance team by hiring 14 Cadwalader attorneys, including a former management committee member, across its New York and Washington, D.C. offices.
• In June, litigation partner Ellen Holloman, who had served as Cadwalader’s pro bono chair, joined Kaplan Martin LLP, further signaling the firm’s shifting internal landscape.

Despite these setbacks, Cadwalader has also made efforts to replenish its ranks and sustain its market position. In August, the firm welcomed Steven Kolyer, a former Sidley Austin partner, as co-head of its commercial real estate CLO group, a key practice area that has been one of Cadwalader’s most profitable sectors.

Leadership and Strategic Focus at Cadwalader

Leadership transitions have also defined Cadwalader’s recent trajectory. In early 2025, the firm appointed Wesley Misson, a fund finance attorney with nearly two decades of experience at the firm, as co-managing partner alongside Patrick Quinn, who had been the sole managing partner since 2015.

Quinn praised Misson’s leadership and commitment to the firm’s long-term growth, stating that he had “been serving alongside me effectively and is laser-focused on the strategic goals that will drive our future success.” The dual leadership structure reflects Cadwalader’s effort to reinforce stability and continuity while navigating the increasingly competitive legal market.

Orrick’s Strategic Growth

For Orrick, this large-scale hire reflects a continuation of its aggressive growth strategy in recent years. The firm, already known for its expertise in finance, technology, and energy law, has been expanding globally, focusing on key financial centers where institutional and alternative lenders are reshaping dealmaking.

Orrick’s debt finance and structured finance teams have been particularly active in advising on CLOs, securitizations, and fund finance deals—practices that align perfectly with the incoming Cadwalader group’s strengths. The addition of the Charlotte office is expected to position Orrick closer to major banking clients and asset managers that have established operations in the city, which has increasingly become a southern anchor for financial services law.

The firm’s management highlighted that this move is part of Orrick’s broader plan to “build one of the world’s most dynamic finance platforms,” enhancing client service in both U.S. and cross-border transactions.

Cadwalader’s Market Standing

While these departures mark a difficult moment for Cadwalader, the firm—one of the oldest law firms in the United States—remains a respected player in the finance and litigation markets. It continues to handle major transactions for global financial institutions and remains active in real estate finance, fund formation, and regulatory matters.

Cadwalader has also made efforts to align itself with broader social initiatives. Earlier this year, the firm joined nine other major law firms in pledging pro bono legal support for causes aligned with public interest efforts and government initiatives.

The Broader Industry Impact

The Orrick–Cadwalader shift underscores a broader trend in the legal industry: top-tier firms are increasingly competing for specialized finance talent as clients seek sophisticated legal advice in a rapidly evolving credit environment. With more private credit and fund-driven lending reshaping the market, firms with structured finance depth are positioning themselves for long-term dominance.

Analysts note that such large group moves are rare but can redefine practice area leadership almost overnight. For Orrick, the move may elevate the firm’s finance practice to one of the largest and most integrated globally. For Cadwalader, it presents both a challenge and an opportunity—to rebuild, refocus, and modernize its practice groups amid an increasingly fluid lateral market.

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