With
a
mass
exodus
afoot
and
growing
questions
about
its
long-term
strategy
and
growth
trajectory, rumors
of
Cadwalader
Wickersham
&
Taft’s
reported
interest
in
combining
with
another
firm
began
to
spread,
and
now
one
of
the
firm’s
potential
suitors
has
been
named.
This
could
be
one
of
the
most
consequential
Biglaw
mergers
this
year.
As
reported
by
the
American
Lawyer,
Cadwalader
has
been
in
merger
talks
with
Atlanta-based
Alston
&
Bird,
with
at
least
two
other
firms
chatting
up
the
distressed
Wall
Street
firm.
Why
would
this
particular
merger
make
sense?
Am
Law
has
additional
details:
According
to
Am
Law
100
data,
Cadwalader
and
Alston
have
similar
revenue
per
lawyer
and
profits
per
equity
partner—a
positive
sign
for
combination
symmetry.
Alston
brought
in
$1.331
billion
in
revenue
in
2024,
slightly
more
than
double
Cadwalader’s
$638.2
million.
In
RPL,
Alston
generated
$1.424
million
while
Cadwalader
earned
$1.495
million,
a
difference
of
only
$70,000.
Meanwhile,
Alston’s
average
PEP
was
$4.086
million
last
year,
while
Cadwalader’s
was
$3.7
million,
a
difference
of
about
$300,000.
A
potential
tie-up
between
the
two
firms
would
not
only
combine
Cadwalader’s
and
Alston’s
core
practices
in
banking
and
finance,
but
expand
both
firms’
national
footprints
and
create
a
more
diversified
platform.
But
will
the
two
firms
tie
the
knot?
Cadwalader
once
again
issued
a
statement,
not
on
a
combination
with
Alston
specifically,
noting
that
it
has
indeed
been
approached
for
merger
discussions
by
top-tier
firms,
with
a
spokesperson
going
on
to
talk
up
the
firm’s
strengths
and
positive
attributes
during
this
highly
publicized
round
of
speed
dating.
“The
firm
is
in
a
very
strong
financial
position
and
remains
confident
in
our
standalone
strategy.
We
are
on
track
to
have
one
of
the
best
years
in
our
233-year
history,
projecting
over
$600M
in
revenue,
and
we
expect
similarly
substantial
revenue
and
strong
profitability
in
2026,”
the
spokesperson
said.
“We
have
added
over
75
lawyers
so
far
this
year.
Cadwalader
remains
a
very
attractive
destination
for
elite
level
lawyers
to
thrive.”
If
the
deal
with
Alston
&
Bird
does
move
forward,
it
wouldn’t
just
reshape
Cadwalader,
but
it
would
signal
yet
another
major
shift
in
Biglaw’s
consolidation
era.
If
nothing
else,
the
fact
that
Cadwalader
may
be
seriously
entertaining
merger
talks
shows
just
how
much
the
market
has
changed,
and
how
few
firms
can
afford
to
stand
still.
And
if
the
deal
falls
apart?
The
fact
that
Cadwalader
is
even
at
the
table
tells
us
everything
we
need
to
know
about
where
the
firm
may
be
headed.
Alston
&
Bird
in
Midst
of
Merger
Talks
with
Cadwalader
[American
Lawyer]
Earlier:
Merger
Momentum
Builds
At
Cadwalader
As
The
Firm’s
Woes
Deepen
Cadwalader’s
Mass
Exodus
Continues:
Nearly
40
Lawyers
Jump
To
Top
50
Biglaw
Firm
In
Practice
Group
Raid
Wall
Street’s
Oldest
Biglaw
Firm
Appoints
Co-Managing
Partner
Amid
Mass
Exits
And
Merger
Rumors
Staci
Zaretsky is
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managing
editor
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Above
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Law,
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worked
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2011.
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