By Jordan Lee
New York, NY – September 18, 2025
Cadwalader Wickersham & Taft is in the spotlight. Rival law firms are watching closely. They want to hire its top talent. The firm lost more than 40 lawyers this year. Many went to competitors. But Cadwalader says it is not looking to merge. “We are not currently engaged in merger discussions,” a firm leader told Law.com.
The firm is over 230 years old. It started in 1792. Cadwalader has offices in New York, London, Charlotte, and Washington, D.C. It has 434 attorneys. Last year, revenue was $638.2 million. That puts it at number 85 on the Am Law 200 list. The firm focuses on finance and corporate work. It handles big deals in banking, M&A, and private equity. Clients include major banks and funds.
This year has been tough. Lawyers are leaving in groups. One team of five joined King & Spalding in London last year. They were partners in finance. Another group left this week. Douglas Mintz, a restructuring expert, moved from Schulte Roth & Zabel to Cadwalader. But now others are going the other way. Industry watchers say the talent market is hard. Competitors pick the best partners. They offer better pay or more stability.
Cadwalader gets interest often. Other firms call. They want to talk mergers. But the firm says no for now. It focuses on growth from inside. Recently, it added Edward Holmes. He is a leveraged finance partner in London. It also elected six new partners. They cover corporate, private clients, and more. Steven, a real estate finance expert, joined as co-head of CRE CLO practice.
Why the exits? Big Law is competitive. Firms fight for top talent. Pay is high. Partners want more money. Some seek bigger platforms. Cadwalader’s revenue grew slowly. It is not in the top 50. Rivals like Latham or Kirkland offer more. They have deeper benches. Clients follow the lawyers.
Experts say mergers happen a lot now. Firms combine for scale. McDermott Will & Emery merged with Schulte Roth & Zabel. It created a $2.8 billion firm. That deal closed in August. Others like A&O Shearman formed last year. Mergers help retain talent. They boost profits. But Cadwalader stays independent. It values its history. And its niche in finance.
The firm promotes diversity. It fosters collaboration. Leaders say they build careers there. But losses hurt. Over 40 gone in 2025. That is about 10% of partners. Some link it to politics. Cadwalader did deals for Trump’s firms. But exits started before.
What next? Cadwalader hires too. It added talent in key areas. Like securitization and funds. The firm runs events. Like the Cadwalader Finance Forum. It keeps clients close.
Rivals keep watching. They eye more hires. Or a full merger. But Cadwalader says it is strong alone. It innovates in legal tech. And client service.
This story shows Big Law’s churn. Talent moves fast. Firms adapt or lose. Cadwalader fights back. It stays focused. No merger rush.
Lawyers in the field talk. One anonymous partner said, “We have great work. But stability matters.” Another rival firm head noted, “Cadwalader has stars. We want them.”
The legal market grows. Deals boom in finance. Cadwalader leads there. But pressure builds. Will it change? Time will tell.
For now, the firm moves forward. It elects leaders. And builds teams. Competitors circle. But Cadwalader stands firm.