Cadwalader Wickersham & Taft, long viewed as a stalwart of Wall Street law firms, now seems to be scrambling to steady its ship. Already battling turbulence, the firm just shook the table again — this time, by naming a new co-managing partner in the midst of mass partner exits and swirling merger chatter. The timing, and optics, are hard to ignore.
As noted by the American Lawyer, the firm recently announced the appointment of Wesley Misson, the firm’s finance group chair, to assist Patrick Quinn, the firm’s longtime managing partner. The firm hasn’t had a co-managing partner in a decade. In a memo to partners, Quinn said that Misson “has been serving alongside me effectively as co-managing partner, and I’m thrilled that he has agreed formally [to] take on the role.” So what, exactly, is Misson’s mission at CWT?
The addition of a co-managing partner may suggest the firm is hedging its bets in an attempt to stop the bleeding. Over the past several months, Cadwalader has lost more than 40 partners to competitor firms, with high-profile defections hitting core practices. Many of these moves are reportedly tied to internal dissatisfaction over the firm’s controversial agreement with the Trump administration, in which CWT pledged $100 million in pro bono payola to help avoid punitive executive orders. Some partners viewed the deal as a capitulation, prompting their resignations in protest.
This talent drain caused merger rumors to swirl, and perhaps the firm hopes that Misson’s appointment will stem further partner loss, reestablish confidence in Cadwalader’s platform, and manage — or at least resist — further merger overtures. Earlier this month, the firm offered Am Law the following comment on its speculated merger plans:
According to a firm leader, “Cadwalader has received inbound interest from multiple firms over the years, but is not currently engaged in merger discussions.” The leader added that the firm considers all strategic opportunities that are best for it and its clients.
In short, Cadwalader’s announcement of a co-managing partner is as much a firefight as it is a renewal. The firm is attempting to reassert control amid spiraling exits and uncertainty. What will matter most here, however, is whether Misson and leadership can engineer a coherent recovery — or whether Cadwalader will be forced into a merger by necessity, not choice.
Cadwalader Names New Co-Managing Partner [American Lawyer]
As Competitors Eye Cadwalader For Talent, Law Firm ‘Not Engaged’ in Merger Talks [American Lawyer]
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
The post Wall Street’s Oldest Biglaw Firm Appoints Co-Managing Partner Amid Mass Exits And Merger Rumors appeared first on Above the Law.
Cadwalader Wickersham & Taft, long viewed as a stalwart of Wall Street law firms, now seems to be scrambling to steady its ship. Already battling turbulence, the firm just shook the table again — this time, by naming a new co-managing partner in the midst of mass partner exits and swirling merger chatter. The timing, and optics, are hard to ignore.
As noted by the American Lawyer, the firm recently announced the appointment of Wesley Mission, the firm’s finance group chair, to assist Patrick Quinn, the firm’s longtime managing partner. The firm hasn’t had a co-managing partner in a decade. In a memo to partners, Quinn said that Mission “has been serving alongside me effectively as co-managing partner, and I’m thrilled that he has agreed formally [to] take on the role.” So what, exactly, is Mission’s mission at CWT?
The addition of a co-managing partner may suggest the firm is hedging its bets in an attempt to stop the bleeding. Over the past several months, Cadwalader has lost more than 40 partners to competitor firms, with high-profile defections hitting core practices. Many of these moves are reportedly tied to internal dissatisfaction over the firm’s controversial agreement with the Trump administration, in which CWT pledged $100 million in pro bono payola to help avoid punitive executive orders. Some partners viewed the deal as a capitulation, prompting their resignations in protest.
This talent drain caused merger rumors to swirl, and perhaps the firm hopes that Mission’s appointment will stem further partner loss, reestablish confidence in Cadwalader’s platform, and manage — or at least resist — further merger overtures. Earlier this month, the firm offered Am Law the following comment on its speculated merger plans:
According to a firm leader, “Cadwalader has received inbound interest from multiple firms over the years, but is not currently engaged in merger discussions.” The leader added that the firm considers all strategic opportunities that are best for it and its clients.
In short, Cadwalader’s announcement of a co-managing partner is as much a firefight as it is a renewal. The firm is attempting to reassert control amid spiraling exits and uncertainty. What will matter most here, however, is whether Mission and leadership can engineer a coherent recovery — or whether Cadwalader will be forced into a merger by necessity, not choice.
Cadwalader Names New Co-Managing Partner [American Lawyer]
As Competitors Eye Cadwalader For Talent, Law Firm ‘Not Engaged’ in Merger Talks [American Lawyer]
Staci Zaretsky is the managing editor of Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
