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Cadwalader, Wickersham & Taft is a storied Wall Street firm determinedly developing a younger, more aggressive image. The firm has already attracted some welcome publicity by creating new departments and shifting to a decidedly non-fusty year-round casual dress code. Others are watching to see if Cadwalader, with the help of hard-charging new partner Dennis Block, can complete the transition. History: an old dog's new tricks Founded in 1792, Cadwalader boasts that it is the oldest firm in New York. But age isn't always an asset. By the early 1990s the firm had a reputation for being a bit too relaxed (read: slow) in the aggressive world of New York law. In 1994, however, a group of rainmaking younger partners, including current chairman Robert Link, initiated an upheaval that ousted the firm's senior management. In that coup, dubbed "Project Rightsize," 17 of the firm's partners were cast out and the firm's Palm Beach office was closed. Two of the former partners brought suit against the firm claiming the firm's partnership agreement did not allow the firm to get rid of them. Cadwalader settled the cases. The new kid is Block In July 1998, Cadwalader beat out the likes of Latham & Watkins and Simpson Thacher in the battle to woo Weil Gotshal defector Dennis Block. The M&A guru left Weil because of disagreements over that firm's business strategy. Qualified as both a litigator and a corporate attorney, Block joined Cadwalader as co-chairman of both the firm's corporate and litigation groups. Many insiders complain that Block is extremely demanding and expects associates to be at his disposal 24/7. However, he's brought plenty of business to the firm. Block was involved in three of the top M&A deals of 1999. In April Cadwalader handled Colorado-based MediaOne Group's proposed $40 billion acquisition by Philadelphia-based Comcast Corp. Block worked with former colleagues at Weil Gotshal in representing MediaOne. The next month, Block worked with Louis Bevilacqua, advising Baby Bell US West on its proposed $37 billion merger with Bermuda-based Global Crossings and its subsequent merger with Qwest Communications. And in February 2000, Block advised Pfizer Inc. on its $90 billion merger deal with Warner-Lambert. Restructuring and reinsuring Block is not the only attorney Cadwalader has lured away from another top firm. In September 1998, Bruce Zirinsky, a reorganization specialist from Weil Gotshal, came over to Cadwalader to join the firm's financial restructuring practice group. Then, in April 2000, Cadwalader captured the reinsurance dispute resolution practice from Rosenmann & Colin. The new Cadwalader lawyers include group leader Lawrence Brandes and partners Clifford Schoenberg, Harry Cohen, and John Finnegan. Finding a future in a banking model Cadwalader put together a "Strategic Solutions Team" in May 2000, using an investment bank management model to tackle the problems of high-tech firms as well as more traditional clients. The new group brings together lawyers from the Capital Markets, Corporate, Tax, and Financial Restructuring groups for open group discussions on client matters. The team also advises Internet-oriented clients, including entrepreneurs, venture capitalists, and startups, on legal issues stemming from the growth of the Web and e-commerce. Clients include fashionmall.com, killerinfo.com, and BroadBand Services. In January 2000, Cadwalader organized talent from its Capital Markets, Corporate, and Project Finance departments into a new Banking & Finance Group focusing on lending and project finance transactions. Casual Cadwalader In March 2000, CWT made the leap to a year-round casual dress policy. To celebrate the new policy, the firm sponsored the hilariously-named "Casual Walader Day" during which lawyers donated suits to Career Gear and Dress for Success, two nonprofits that provide business attire to low-income-people. In April 2000, Polo Ralph Lauren and Esquire hosted a cocktail party at Polo Ralph Lauren's flagship Madison Avenue store and held a seminar on how to put together a sharp business casual wardrobe. Some lucky attorneys even got fashion makeovers at the event.
Alma mater matters According to Vault.com's sources, Cadwalader puts a lot of emphasis on candidates' alma maters. "The firm is overly concerned about whether candidates came from a top-tier school," says one insider. "It will decline offers to otherwise strong candidates based on school attended." But some lawyers tell Vault.com that the firm does take students from other schools. "I am very pleased that the firm does consider local New York City law schools and does not recruit exclusively from [the] Ivy League," says a contact.
Competitive culture Although insiders say Cadwalader is laid-back, many sources also describe the firm as "competitive." "Overall, it's relaxed, but with a competitive edge. It is not an uptight or formal place. But despite the casual atmosphere, work is taken very seriously," explains one associate. Adds a corporate attorney, "It has become more competitive in the last year. There is not always enough good work to go around." Non-retro raises In April 2000, Cadwalader raised salaries to the new starting base of $125,000. But associates grumble that the firm was slow in boosting pay and did not make the raises retroactive. "The firm attempted to play games when New York salaries increased, only to give in. By not making the raise retroactive, they disappointed a lot of people," gripes one Cadwalader attorney. Gently undulating hours Associates say that the hours vary greatly from associate to associate. Some lawyers say they put in a 9:30 a.m. to 8:00 p.m. day, while others report working much longer hours. "I have been luckier than many of my fellow associates who work past midnight on a regular basis," gloats one attorney. But a corporate attorney claims, "If you leave before 10 p.m. [partners] ask why you are working a half day." Lawyers say there is a partner known for calling associates at 5 p.m. for a surprise double all-nighter. Another contact tells Vault.com, "I work less than my peers at other big New York firms. However, the recent salary increase has been accompanied by an increased emphasis on billable hours." A building that makes you proud Cadwalader associates get their own offices after their first year. First-years share interior offices but then move up to their own private office with a window. One insider describes the d?cor at Cadwalader as "classy and old-school." Insiders in New York think the offices are nice and rave particularly about the building. "The building, highlighted by the atrium, is gorgeous. It makes you feel proud to work in such a distinctive environment." It's no dream world Some insiders attack the firm with vigor: "Nice surroundings, but vicious partners and burned out mid-levels make coming to work every day a fearful experience." Some just wish they worked fewer hours. "The work is very interesting and partners and senior associates are helpful and generally nice. But the expectations are high as to billable hours." Others gripe about the griping: "If everyone would stop complaining about how miserable they are and suck it up, I'd be happy. I think most people were totally shocked to find out that lawyering isn't as cool as it looks on TV."
Virginia Quinn Manager of Legal Recruitment (212) 504-6290
Davis Polk & Wardwell;Fried, Frank, Harris, Shriver & Jacobson;Sullivan & Cromwell More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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