Cadwalader, Wickersham & Taft LLP - The Inside View

For most of our interviewees, finance – Cadwalader’s “bread and butter” – was the main focus of their interest in the firm. It’s a practice that has racked up the highest nationwide Chambers USA  rankings in areas like capital markets securitization (CLOs, CRE CLOs, and CMBS) and structured products, and one which has afforded a rapidly growing litigation practice: “The litigation group is small,” one insider admitted, “but the client base draws from the transactional practices while also generating its own business independently. Almost from the beginning, they could see that opportunity for growth.” In addition to its top marks in finance, the firm also receives top nods for its real estate finance offering in North Carolina and bankruptcy & restructuring practice in New York. 

“Almost from the beginning, they could see that opportunity for growth.” 

Cadwalader has offices in Charlotte and DC, but it’s the firm’s HQ in New York where most of the associates are based. It’s fitting too, given the City’s status as a global hub of finance. As one source put it: “You’re in the building where decisions get made.” Suffice to say, Cadwalader packs a punch. It’s one that far outstretches its size compared to the other finance heavyweights too: “Cadwalader hits the sweet spot in terms of size – it’s not so large that other parts of the firm feel undiscoverable,” one told us.As a result, team sizes are fairly modest, so “if you don’t just want to be pushing paper,” Cadwalader offers an opportunity where “you have value to add to the work immediately.” 

Strategy & Future 

Associates at the firm were quick to point out that they felt well informed about the firm’s broader strategy, with “a decent sense of the firm and practice group’s direction and long-term goals,” something which was reflected across our pool of interviewees. Week to week updates by Cadwalader’s managing partner “tell us what’s happening, the strategic direction, and the highlights when it comes to accomplishments.” Last year, the firm moved to a new premises in DC, and the firm recently renovated its Lower Manhattan New York office.  

The Work 

During summers - though newcomers can focus on particular practices - “you are encouraged to try projects across the firm. Then, by the end of summer, you rank where you want to be.” Once juniors join the firm they are assigned a partner and associate mentor, “so you understand the flow of the work. They pass off work, show you how to do admin tasks and the basics of the job, so it really is how you become useful most quickly!” Work allocation after this comes via a group professional development manager, who takes into account your busyness (on a scale of 1-10) and the deals you’re on. But, as time goes on, juniors tend to drum up work of their own. “I think it works really well,” associates reported, “there’s really good management here, and there are also good opportunities to really show your abilities. As things ramp up, you start to figure you can poke your head in and do more.”  

The jewel in the crown of Cadwalader’s transactional offering (which encompasses teams like finance, corporate and tax) is undoubtedly capital markets. The work encompasses the likes of collateralized loan obligations (CLOs), commercial mortgage-back securities (CMBS) and asset-backed securities (ABS). For juniors, this means “a lot of due diligence and drafting,” and certainly no shortage of work. “We’re busy,” one insider highlighted, and “we could probably use more admin support, like paralegals.”  That said, juniors were positive about the opportunities they had with drafting and commenting on ancillary documents. Newbies also take on the typical administrative tasks, so are responsible for additional documents being closed: “Once those documents are in the editing stage, you handle the deal and make sure all the documents have been seen and reviewed before closing,” one told us, before a final check from a partner. Because teams are typically quite leanly staffed with a couple of partners, a mid-level and a junior – or even, on smaller deals, just a partner and a junior – “you can get hands on and directly ask deeper questions,” something that offered fantastic opportunity for attorney development. Of course, as one associate was quick to highlight: “You’re still learning the ropes,” so “client engagement is mainly senior.” That said, “I’ve really enjoyed getting to jump into the documents and see the mechanics of how a lot of things happen.” 

Financial services clients: Bank of America, BNP Paribas and Solar Mosaic. Advised Santander on Consumer Financial Protection Developments and provided targeted risk assessments regarding the underlying loan portfolios. 

“I wasn’t standing and delivering, but it was exciting going to trial!”  

Litigation  at Cadwalader has in the past acted more as support for the firm’s corporate teams, but over the last couple of years “it’s become its own shop. Litigation is now a lot more robust and you’ll get good quality work, so the transition has been successful and I think will continue to be.” As well as continuing to act as backup for the corporate practice, the group also incorporates antitrust, white-collar, financial, compliance, and intellectual property, but aside from the latter, we heard associates have more or less free reign over what kind of contentious matters they work on. “I would say 40% has been commercial litigation,” one associate told us, most of which deriving from the transactional side of the firm. The remaining 60% “has been around FCPA internal investigations.” Juniors are subject to the “unavoidable task” of doc review, but newbies also got opportunities to draft “a lot of memos summarizing the work we’ve done,” motions to dismiss, and even in-court experience. “I wasn’t standing and delivering,” one junior admitted, “but it was exciting going to trial! I helped prep the witness, talking with experts, prepared the team, and drafted outlines for examinations.” 

Litigation clients: Boston Consulting Group. Represented Morgan Stanley in an internal employment investigation of improper device usage for off-channel communications related to its bank business. 

The intellectual property practice at the firm also functions as a support to a number of other teams, helping the likes of corporate, transactions and M&A with IP-related questions – “essentially whenever a structure is created.” Of course, that means the seat is pretty generalist, though “that really is on a transactional basis.” The “lion’s share” skews towards patent litigation, but “we do have some trademark and some copyright work.” We heard this brings with it work with the patent office on some appellate and related district court litigation.  

IP clients: Brother International, Ultrahuman, AngioDynamics. Represented Zemcar, a startup cofounded by former Obama administration official Juliette Kayyem, in a lawsuit filed against Uber in Suffolk Superior Court in Boston.  

Pro Bono  

According to those we spoke to, “you definitely feel like you’re making a difference,” when it comes to pro bono at Cadwalader. With 100 hours contributing towards associates’ billable targets, “we encourage it; every attorney I know works on pro bono.” We heard from associates that there’s a wide mix of pro bono opportunities, including immigration work, asylum matters and legal clinics, but the firm also has corporate opportunities like small business clinics for things like trademark registration. 

Pro bono hours  

• For all US attorneys: 5,302
• Average per US attorney: 14 

Hours & Compensation  

Billable target: 2,000 hours  

In addition to the 100 firm citizenship hours (including pro bono or other qualified non-billables like recruitment and business development) that can count towards an associate’s billable target, associates have to take on 1,900 hours of typical client billables, so 2,000 hours all in all. Across the board, insiders were positive about their capacity to reach the requirement in a “manageable” manner. Bonus-wise, “it’s market, so there’s not much to say in any direction – we don’t lead but the firm will match raises." Even so, one described the target as “very doable,” while another explained that “it ebbs and flows. 75% of the time I think it’s manageable, so that’s pretty good.” At any rate, everyone we spoke with felt that getting work “is a positive experience. You don’t struggle to connect with people.”  

Cadwalader has recently renovated a number of its offices, something that associates felt had brought with it “a greater expectation that people come into the office – it’s definitely been more social in New York with better social space on every floor and standing desks.” Now the expectation is that juniors go into the office at least three times a week, typically Tuesday through Thursday. “It’s pretty flexible” though, something that is mirrored through the firm’s expectations of working during vacation periods. “In the past, we’ve had remote time for a couple of weeks in August,” something associates noted was particularly helpful for parents, and in addition to this “there isn’t an expectation to be on call all the time; people are respectful of your time on holiday, so the hard stops there are universally respected.” Of course, “it is hard to hand off because you have a lot of deal knowledge,” one insider explained, “but there is no expectation for you to answer a thousand emails or calls off the clock.”    

Culture  

Although culture can often vary between practices, we found a common theme at Cadwalader was that “everyone is willing to speak with you as a person.” Particularly in the firm’s smaller practices and offices, we found that juniors “interacted more directly with partners than anticipated, both in work and socially,” so “I don’t feel there’s much of a hierarchy – I feel very comfortable walking into anyone’s office and asking them pretty much anything.” On the social side, even though we heard that “New York tends to party a little more,” Cadwalader isn’t your stereotypical work-hard play-hard white shoe firm. “The events tend to be a little tamer,” one insider admitted, “in DC we all like each other but don’t go out for drinks very often, but we do have happy hour sometimes. Partners have had events at their houses, and there is the annual office crab boil!”  Offices also host client events. In DC, the office has a rooftop space: “We have events up there after hours that develop into associates being able to meet with each other.”  

Inclusion  

Associates were all generally positive about the firm’s efforts towards inclusion, reflected in the fact that “we have diversity groups that are always active.” Meetings are hosted firmwide each month for each group “everyone has a conference room in their own office so everyone is included.”  Diversity groups at the firm include the Asian Pacific American Attorney group; the Black & Latino Association; the LGBTQ Network; the Veterans Network; the First Generations Network; the Parents @Cadwalader Affinity Network; and the Women’s Leadership Initiative. Associates had good things to say when it came to the Women’s Leadership in Finance group, the Veterans Network book club, and the Parents Affinity Network where “we talk about the difficulties of being an attorney and having children.”  

Career Development 

“Of course, there are times I feel like I’m doing things first and learning afterwards, but one thing I like is that there isn’t a foot you could put wrong. It’s a learning experience.”  

“Of course, there are times I feel like I’m doing things first and learning afterwards,” one associate told us, “but one thing I like is that there isn’t a foot you could put wrong. It’s a learning experience.”  Insiders did note that there is a good amount of formal training on offer, but they also gave the impression that “the focus on career development is shown in the big push for downwards delegation. They really want us to assume that leadership role with junior mentors and senior mentors.” This ties into the “opportunities to do a lot of outreach with clients in tandem with the partner, so you’re included in pitches and brought in early to see how the process works.”  Though clarity is generally given a little further down the road when it comes to partnership, juniors had a good idea of the process, understanding that proper discussions with the firm often happen between their sixth and ninth year.

Get Hired

Screening Interviews

Cadwalader participates in OCIs and job fairs across the country, targeting both top nationwide law schools as well as regional schools near the firm’s offices. The firm also participates in resume collects and accepts direct applications. 

At this stage, interviewers tend to ask questions surrounding the candidate’s resume. Lisa Pauquette, chair of the hiring committee explains: “We want to get a sense of who they are, where their legal interests lie and how their life experiences to date contribute to the kind of lawyer they want to be and the kind of person we are looking to hire.” 

Top tips for this stage: 

“Authenticity counts, so carefully articulate who you are, what your current career goals look like, desirable attributes you would bring to the firm and so on. Knowing who you are and maximizing your strengths can separate you from other top candidates” – chair of the hiring committee, Lisa Pauquette. 

Callbacks 

Candidates that make it through to the callback stage can expect to meet with a mix of associates and partners for a two-hour interview. The firm employs behavioral interviewing to evaluate candidates and find out whether or not they will be a “good fit” for the firm. Interviewers look for competencies including initiative/self-motivation/work ethic; communication/demeanor; analytical thinking/judgement/creativity and innovation; flexibility/multitasking; collaboration; interest in the firm and its practices; and involvement in the community. 

Cadwalader has partnered with the predictive candidate screening platform Suited to help better understand applicants. The goal is to make the recruiting process as fair, inclusive, and seamless as possible, in hopes of finding the right candidates who will be fulfilled in their roles and complementary to the firm’s culture. All candidates are asked to complete an assessment prior to their callback interview.

Top tips for this stage: 

"We look for candidates who have a genuine interest in the firm and our practices. It is very important to convey your interest clearly and concisely during the interview.” – chair of the hiring committee, Lisa Pauquette 

Summer program 

Cadwalader’s summer program is ten weeks long.  Summers are encouraged to take assignments from practice groups through an assignment database or directly from attorneys. Summers will have the opportunity to work with designated practice group assignment managers who “filter work and ensure that each associate is receiving assignments from preferred practice areas.” Summers also receives a partner mentor and a junior associate mentor with whom they are encouraged to “communicate regularly throughout the summer.” Over the ten weeks, there are a variety of trainings from both internal and external sources, plus regular social events “to encourage summer associates to get to know each other and the attorneys in a setting outside of the office.” 

Top tips for this stage: 

“Network, network and network some more, connecting with as many firm lawyers as possible, especially at the many programs and events designed for summers to meet our attorneys and get to know the firm well.” – chair of the hiring committee, Lisa Pauquette.