Biglaw deferrals continue to be announced, offering incoming associates some months-long involuntary vacations, extra stress before the bar exam, and a dearth of expected income, right when student loan payments are expected to come due again.
Sources tell us that Cadwalader Wickersham & Taft — a firm that brought in $544,832,000 gross revenue in 2022, putting it in 84th place in the most recent Am Law 100 — has deferred its incoming associates’ start date to January 2024. We’ve been told that the firm is offering a $15,000 stipend to those affected.
Fresh off a 10 percentage point decline in revenue, CWT’s deferral comes in the wake of job cuts made back in April, which presented as a mixture of both stealth and outright layoffs. We believe that Cadwalader is now the seventh firm (that we know of) to defer its incoming associates’ start date to the new year.
We reached out to CWT for comment, but the firm did not immediately respond.
Best of luck to Cadwalader’s would-be first-year associates.
If your firm or organization is reducing the ranks of its lawyers or staff, whether through deferrals, open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477). Thank you for your assistance.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.