Cadwalader, Wickersham & Taft LLP - The Inside View

Cadwalader has long turned the gears of finance; it’s a firm rooted in Wall Street tradition, marked by its long-standing history as New York City’s oldest law firm. “We have a wide range of areas, but we are particularly good at finance,” said one source. Indeed, the firm scores impressive marks in both Chambers USA and Chambers Global for its capital markets securitization (CLOs, CMBS, and CRE CLOs) work. 

“…a lot of history here on Wall Street and it is a reputable name…”

But while Cadwalader’s reputation in the financial world clearly precedes it, it was the experience behind the scenes which left the biggest impression on sources. “The firm has a lot of history here on Wall Street and it is a reputable name, but I think that’s all a bonus,” one interviewee divulged, concluding, “What brought me here was definitely the people; how close everyone was was really inspiring.”

Continuing its story, Cadwalader recently announced its intention to merge with transatlantic firm Hogan Lovells to form Hogan Lovells Cadwalader. The combined firm will bring together approximately 3,100 attorneys across the globe with a collective revenue of over $3.6 billion.

Strategy & Future

“The firm has been very proactive in adopting technology,” one junior observed. Associates were similarly quick to flag the push to weave AI into day-to-day workflows without compromising on accuracy. “Our innovation and leadership officer is very serious about leveraging AI in a way that maintains the quality of our work while increasing efficiency,” said one associate. Insiders added that the firm is approaching implementation cautiously, with guardrails designed to keep use of the technology safe and consistent. On the business side, associates noted the managing partner holds annual meetings to update the firm on performance and strategy.

Summer Program

Cadwalader’s investment in junior talent starts early, with interviewees pointing to a summer program that’s designed to make newcomers feel part of the furniture from the get-go. “We really roll out the carpet for the summer associates,” said one insider, adding that the level of integration can smooth the return as a fall associate. “Because we were so integrated into the culture as a summer, when I came back, I already knew everyone – there was no awkward transitional period. It really set me up for success,” one junior recalled.

Juniors were also pleasantly surprised by the substance of the work on offer: “I had first pen on a couple of briefs, which was way more than I was expecting,” said one. When asked what advice they’d give incoming summers, associates were unanimous: “Say yes to everything,” with another adding, “Nothing is as make-or-break as you think it is.” Events for summers begins each year with a welcome party, and tons of treats in-between the weeks of work: champagne toasts on a boat down the New York Harbor; a yearly Yankees game; Broadway shows; and trivia nights – just to name a few.

The Work

In their earlier days at the firm, juniors are assigned work by a dedicated professional development manager. As associates progress and build their own relationships with partners, they’re also able to pick up work this way in a more free-market style system. That said, sources were quick to praise the safety-net system in place: “It’s not like a partner throws you onto a deal and you can’t say no. It’s really efficient.”

“There are lots of sophisticated matters, especially market ‘firsts’ that we get to do.”

Cadwalader’s finance practice is where the firm really flexes its muscles. Its finance team sits under the firm’s transactional arm, which also encompasses practices like corporate, capital markets, and tax. With leaner teams, typically with a senior associate or special counsel leading the deal, juniors are able to get stuck in. “Of course, when you start, your work is a little less complex, but if you demonstrate you can do things independently, they will 100% have you do it,” said an interviewee. The team advises on subscription lines (a type of short-term revolving credit facilities), NAV (Net Asset Value) and hybrid facilities, ESG-linked structures among other finance-related deals. “There are lots of sophisticated matters, especially market ‘firsts’ that we get to do. The practice is very much at the frontier of finance,” one associate beamed.

Finance clients: BNP Paribas, JPMorgan Chase, Wells Fargo. Advised Laconic Global in a $5 billion registered securities offering of Bolivia’s carbon migration ambition, in relation to the 2015 Paris Agreement.

Over in capital markets, the team assists with all manners of structured financing, securitization in particular, including CLOs (collateralized loan obligations) and CMBS (commercial mortgage-backed securities). Attention to detail and top-tier organization skills were noted by interviewees as key skills to succeed in this practice. “In each deal I’ve worked on, I like to take personal notes and write guidelines of what needs to be done at certain stages,” one associate detailed, “You need to know a lot about what’s going on, as well as have an understanding of financial concepts!”

Capital markets clients: Bank of America, Goldman Sachs, Barclays. Represented JPMorgan in relation to a CMBS securitization of a $140 million mortgage loan secured by multiple housing properties in New York City.

Much like its name, Cadwalader’s corporate & financial services litigation & regulation group packs in an awful lot. The team handles both white-collar criminal investigations and complex commercial litigation, mostly on the defense side, “so you’re either constructing an internal investigation into a company, or you’re doing discovery and motion practice,” an insider explained. In the white-collar realm, the team typically advises the firm’s institutional clients on FCPA (Foreign Corrupt Practices Act) and FCA (False Claims Act) related issues. It’s here where it’s key for juniors to be completely clued up; “You become the expert on the company, their people, and their functions in order to understand the case,” said one associate. Juniors can also get involved in antitrust-related work, with sources explaining that the nature of your work is often dependent on the focus of the partners you work with.

White-collar defense & investigations clients: Boston Consulting Group, Morgan Stanley. Represented BCG in an investigation led by the DoJ’s FCPA Unit and the US Attorney’s Office for the Southern District of New York relating to alleged corruption in Angola.

Career Development

Upon joining the firm, associates are paired with a senior associate mentor and a partner mentor through the firm’s formal mentorship program. In their initial year, juniors also attend a series of training sessions covering hard and soft skills, including topics like how to write a brief and read a case, how to bill time, and how to generally be a professional. Associates also have mid- and end-of-year reviews where they’re encouraged to create a personal development plan, outlining certain skills they’d like to develop.

Beyond that, training and mentorship are a relatively informal affair. Interviewees were also keen to praise the firm’s knowledge management center: “It’s a portal on our internal website that has a range of different training materials that could be helpful for a junior associate. There are libraries of PowerPoint presentations and recordings of meetings.”

As for the path to partnership, as is the case generally, achievability varies by individual ambition. “It’s as good as you can ask for in terms of BigLaw,” a finance associate reckoned, “especially as the group is growing steadily.” For others, the path wasn’t immediately clear. The silver lining? “Being partner here carries a lot of weight – you don’t just get it for spending X number of years at the firm,” said an insider.

Hours & Compensation

Billable target: 2,000 hours

In order to become bonus eligible, associates are expected to bill 2,000 hours annually, which can be broken down into two buckets: 100 hours for firm citizenship – which includes pro bono, inclusion, recruitment, business development, training, and mentoring – and 1,900 hours of client work. Beyond this, a super bonus is offered for associates billing 2,200 hours and over.

The hours associates put in can swing dramatically; some days wrap up at 5pm, while others can stretch past midnight, with the occasional all-nighter pushing into the early hours of the morning. Weekend work is also a regular feature. On the flip side, associates get unlimited time off. “They encourage me to take that time and use it,” one interviewee reassured, “I’ve not been denied a time off request yet!”

“There’s modern art on the walls, and a beautiful roof atrium space where we hold events.”

The firm expects associates to be in person three days a week, which sources largely appreciated for the facetime with partners. To encourage attendance, associates can get discounted lunches at the office café, as well as free coffee and tea. What’s more, those in the New York office explained the space recently had a facelift. “There’s modern art on the walls, and a beautiful roof atrium space where we hold events,” one insider mused, “It’s extremely well lit and very open, which reflects the culture of the office.”

Culture

As is the case with any large company, the culture varies by office and practice. The running theme, however, was that colleagues and seniors were generally easy to talk to. “There’s a very seamless connection between exposure to senior associates and partners and how accessible they are,” said one insider, adding, “I never feel bad about reaching out with a question – everyone is very approachable.” To aid exposure, first- and second-year associates share offices with another associate.

“There is a hierarchy in terms of the work and taking direction on substantive matters, but not socially,” said another source. Again, social calendars vary by office and practice; one associate in the finance practice explained: “Social events are a good bonding experience – we often try out new restaurants and bars in my team.”

Pro Bono

Reviews were mixed regarding pro bono participation. While some had frequent involvement, others admitted rarely being able to find time amid client billable work. When associates do find the time to get involved, opportunities are aplenty and associates can express their interest to the firm’s pro bono coordinator. It’s also possible for associates to bring in pro bono matters they are particularly interested in.

“Most of the opportunities I’ve seen are to help disadvantaged diverse communities,” said one interviewee. In the DC office, associates are able to attend pro bono days including hosting a wills clinic for the elderly. For their toils, associates are able to count up to 100 hours of pro bono towards their billable targets.

Pro bono hours

• For all (US) attorneys: undisclosed
• Average per (US) attorney: undisclosed

Inclusion

Inclusion at Cadwalader received praise from our interviewees, who were keen to highlight the firm’s well-resourced affinity groups, including 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. “The great thing is that anyone is welcome to join,” said an insider, “There’s knowledge you can gain from different people, both on workplace culture and how to be a good employee, ally, and a firm citizen to others.” There are also dedicated staff who work on inclusion at the firm.

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.