DRAFT: Cadwalader's Partner Exits: One Firm's Loss is Another's Gain
It's fair to say that Cadwalader has had somewhat of a turbulent year. The Wall Street firm has suffered multiple group exits since Jan 2025 and more recently began merger discussions with Alston & Bird.
As reported by Non-Billable, some of these exits may have been fuelled by internal discontent over pro bono deals made with the Trump administration. Cadwalader is known for its capabilities in financial law, making it an attractive target to firms looking to bolster their talent in this area. As reported by Bloomberg Law, the practice areas that make up for Cadwalader’s main earnings are sensitive to macroeconomic trends and so pose a risk to Cadwalader’s financial stability and ability to pay Partners.
So what impact have these Partner exits had on the firm and what kind of retrusn are the hiring firms likely to gain from these group hires?
Using publicly-available data tracked by Pirical, we’ve taken a look into the details behind the Cadwalader exits, including the clients that these Partners could potentially have taken with them.
Where Have Cadwalader's Departing Partners Gone?
Multiple groups of Partners have left Cadwalader for rival Big Law firms this year. Orrick made the largest team hire, poaching 8 Partners from multiple offices.
Which Locations and Practices Were Hired From?
Below is a breakdown of each group Partner exit from Cadwalader in 2025. These groups were primarily based in NYC (54%) or Charlotte (25%) and worked mostly in financial-related practice areas.
Which Clients Could Be At Risk From the Team Hires Made by Rival Firms?
Partners bring their book of business when moving firms, meaning Cadwalader are at risk of having lost some big clients throughout the multitudes of exits.
What Have All the Partner Exits Meant for Cadwalader's Headocount?
The firm had dropped Partner headcount by -17% globally since the start of 2025.
Note on methodology
Source: Publicly-available data tracked by Pirical Legal Professionals (PLP)
Timeframe: Data as of November 2025
Analysis powered by Pirical Legal Professionals (PLP)
Pirical Legal Professionals is the largest attorney database built with the most comprehensive data on the market. Specifically designed for legal recruitment and legal market research.
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