Guess attorneys aren’t the cockroaches of the corporate world after all, able to survive cataclysms while their more fallible colleagues in finance and real estate fall.
“We’re in the process of talking to lawyers here,” Cadwalader Chairman Chris White said in an interview. He declined to comment on whether fired attorneys will receive severance pay through the end of the year, as the Wall Street Journal reported.
At least a dozen law firms have cut lawyers and staff since the U.S. subprime-mortgage market began to collapse, halting work in structured finance and real estate. Structured-finance practices advise clients on complex transactions that transfer risk, such as the securitization of mortgages or credit derivatives.
This is one of the first times since 2001 that New York’s legal industry has suffered layoffs. Our condolences.