The WJS has come up with some more information regarding why Cadwalader, Wickersham & Taft LLP fired 35 of its 750 lawyers amidst fears of a recession.  The  firings were blamed on the firm's large structured-finance practice.

According to the firm, “We were very careful about this, and we waited to see if there were any signs of the economy turning around” before letting lawyers go, said Markel. “We didn’t see any evidence of this turning around.” He added: “We did this in the most open and humane way possible.”

Obviously the important question is whether or not there will be more lay-offs in the future.  Many analysts believe that a large number of firms have wanted to do this for a while, but have been waiting for a good opportunity.  The financial firms have been hit hard by the credit crunch and see no relief in the near future.

Only time will tell.  Of course, in hard times, there are lots of jobs for lawyers. You just have to make sure you're in the right field.  Maybe bankruptcy law.  There is definitely no need to panic.  One firm firing 5% of it's staff isn't the end of the world.

I'll keep you updated on lawyer lay-offs if they continue to happen.

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