Cadwalader, the AmLaw 200 firm that leads in percentage laid off, has asked 34 junior associates to accept a one year, unrestricted sabbatical.
The sabbaticals target lawyers in the Capital Markets and Real Estate Finance groups in New York and North Carolina. Participating lawyers will get one-third of their current compensation, plus medical benefits.The firm intends to rehire these associates after a year, but no guarantees are being made.
Those who turn down the sabbatical option will get three months full severance.
A committee of partners and senior administrators will attempt to place these lawyers with clients, prospective clients, and not-for-profit organizations.
Cadwalader, Wickersham & Taft LLP is the oldest continuously-operated law firm in the United States. Established in New York City in 1792, Cadwalader is now one of the leading financial law firms in the world. It has offices in London; Charlotte, North Carolina; Washington, DC; and Beijing, China.
