Cadwalader, Wickersham & Taft will lay off 96 lawyers in the U.S. and Britain as a result of the continued slowness in real estate finance and securitization, according to published reports.
The layoffs follow a similar round in January, when 35 lawyers were released.
The firm said it grew rapidly to meet client needs in response to the increase of CMBS over the 2003 to 2007. With the decrease in issuance since then, the Caldwalader said it needs to respond to the change in demand, and plans to reduce the number of lawyers to 580 by this September.
