Cadwalader, Wickersham & Taft

Cadwalader, Wickersham & Taft LLP
Headquarters One World Financial Center
New York City
No. of offices 8
No. of attorneys 578
Major practice areas Full-Service Law Firm
Revenue Increase $448.5 million[1]
Date founded 1792 (New York City)
Company type LLP
Website
www.cadwalader.com

Cadwalader, Wickersham & Taft LLP is the oldest continuously operating law firm in the United States.[2] Established in New York City in 1792, Cadwalader has since opened offices around the world.[3] The firm is highly rated by Chambers and Partners[4] in the areas of competition law (antitrust in the United States), capital markets, bankruptcy, real estate, insurance, and income tax.

Founding and History

In 1792, Cadwalader was founded by an orphan, John Wells, in Lower Manhattan. In 1818, Wells established one of the first U.S. law partnerships with George Washington Strong. Upon Wells' death in 1823, Strong asked George Griffin to join him as his partner. This partnership lasted until 1838, when they separated amicably, and Strong entered into a new partnership with Marshall Bidwell. In the same year, Strong's son, George Templeton Strong, joined the firm as a clerk; he became a partner in 1845. When George Washington Strong died in 1855, the firm was renamed Bidwell & Strong by virtue of Bidwell's more senior status, but over the following years it was George Templeton Strong who became the more prominent.[5]

Strong became disillusioned with legal practice toward the end of his life, the final straw being Bidwell's death in late 1872. Strong resigned from the firm at the end of that year, leaving it in the hands of his cousin Charles E. Strong. Charles Strong wished to form a partnership with his friend John Lambert Cadwalader, but this had to wait until 1878, due to Cadwalader's appointment as assistant secretary of state.

Henry W. Taft joined the firm in 1889 and became a partner in 1899. His special expertise in antitrust matters led to his appointment, in 1905, as Special Assistant to the United States Attorney for the Southern District of New York, to supervise the government's case against the American Tobacco Company. He returned to the firm in 1907.

George W. Wickersham joined the firm in 1883, and became a partner in 1887. In 1909 he was appointed United States Attorney General by President William Howard Taft, brother of Henry W. Taft. When he returned to the firm in 1914 it was renamed Cadwalader, Wickersham & Taft, Strong having died in 1897.

Recent activity

According to a 2009 survey by The American Lawyer, Cadwalader had profits per partner of $2.41 million in 2009, up 28% from 2008. Cadwalader's fortunes suffered in the general economic downturn of 2008 as its once-booming mortgage-backed securities business, which had catapulted it to the top of the profits per partner charts in 2006, dried up in the 2007–2008 credit crisis. In January 2008, Cadwalader was forced to lay off 35 attorneys in its structured finance department, as it did not have enough business to provide them with work. [6] Additionally, in July 2008 Cadwalader laid off 96 attorneys in the same practice area for similar reasons.[7]

Vault ranked Cadwalader 31st in its 2013 list of the 100 most prestigious law firms in the United States.[8]

Names of the firm

During its history, Cadwalader, Wickersham & Taft has been known by a number of names:

The firm became a limited liability partnership in 2004.

Offices

See also

References

  1. ↑ Amy Kolz (January 31, 2012). "THE AM LAW 100: Cadwalader Posts Higher Profits, Lower Revenue". The Am Law Daily. Retrieved February 2, 2012. Results for 2009.
  2. ↑ "History". official web page. Cadwalader, Wickersham & Taft. March 12, 2011.
  3. ↑ "International Financial Law Review 1000 Ranks Cadwalader Among Top Financial Law Firms". News Release. October 5, 2006. Retrieved March 12, 2011.
  4. ↑ "Chambers and Partners".
  5. ↑ Deborah S. Gardner (1994). Cadwalader, Wickersham & Taft: A Bicentennial History 1792-1992. Cadwalader, Wickersham & Taft.
  6. ↑ Peter Lattman (Jan 10, 2008). "Breaking News: Cadwalader Laying Off 35 Lawyers". The Wall Street Journal. Retrieved October 21, 2014.
  7. ↑ David Lat (July 30, 2008). "Breaking: Cadwalader Announces Layoffs of 96 Lawyers!". Above The Law. Retrieved October 21, 2014.
  8. ↑ http://www.vault.com/wps/portal/usa/companies/company-profile/Cadwalader,-Wickersham-&-Taft-LLP?companyId=1631

External links