Cadwalader Lays Off 96 Lawyers, Blames Market

Law360, New York (July 30, 2008, 12:00 AM EDT) -- Cadwalader, Wickersham & Taft LLP announced Wednesday that it is laying off 96 lawyers from its real estate finance and securitization practice in the United States and the United Kingdom because of the market slowdown.

“With CMBS [commercial mortgage-backed security] issuance down 82% in 2008, it appears that the real estate finance and securitization businesses will remain slow for the foreseeable future,” the firm said in a statement Wednesday.

The firm said it grew quickly to respond to the tripling of CMBS issuance that occurred between...
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