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&lt;p&gt;Today, &lt;i&gt;&lt;i&gt;The Wall Street Journal &lt;/i&gt;&lt;/i&gt;broke the story of the &amp;#8220;largest round of cuts hitting the legal community in this financial downturn&amp;#8221;:&amp;nbsp; Cadwalader has axed 96 lawyers, mostly in the real estate finance and securitization groups.&lt;span&gt;&amp;nbsp; &lt;/span&gt;(I&amp;#8217;m guessing that &amp;#8220;100&amp;#8221; represented some psychological line that the firm just couldn&amp;#8217;t bring itself to cross.)&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;Summer is re-run season, so&amp;nbsp;here what we said about the firm&amp;#8217;s (relatively small-scale) February purge. &lt;span&gt;(Every word could have been written today, swapping the number &quot;96&quot; for &quot;35.&quot;)&lt;/span&gt;&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;Sure, hindsight is 20/20, but this piece from &lt;em&gt;The New York Law Journal&lt;/em&gt;,&amp;nbsp;&quot;Does the&amp;nbsp;Future Belong to Cadwalader?&quot;*&amp;nbsp;&amp;nbsp;has not aged well.&lt;span&gt;&amp;nbsp; &lt;/span&gt;(Then-managing partner Bob Link asks rhetorically, &amp;#8220;&#39;Are we going to have difficulty sustaining this?&#39;&amp;nbsp; No, short of some cataclysmic event that hits everyone else too.&amp;#8221;&amp;nbsp;&amp;nbsp; Gulp.)&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;Cadwalader&#39;s&amp;nbsp;new managing partner, Chris White, laid the blame for the firings on (what else?) the collapse of the mortgage-backed securities market: &amp;#8220;So we grew right along with client demand. And now that market has contracted severely. That $314 billion from last year will go to roughly $60 billion in 2008&amp;#8212;an 80% contraction.&amp;#8221;&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;David Lat doesn&#39;t think that&amp;nbsp;White can be said to have exactly &amp;nbsp;&#39;manned up&#39; with his remarks:&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;&lt;em&gt;With his use of the passive -- &quot;[t]here was a frothiness&quot; -- and his &quot;we grew right along with client demand&quot; remark, White seems to be offering a &quot;not our fault, everyone was doing it, nobody predicted this&quot; sort of defense. But isn&#39;t it the job of firm management to make sure that a firm is well-diversified among practice areas and adequately protected against downside risk?**&lt;/em&gt;&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; -posted by brian&lt;/p&gt;&lt;p&gt;&amp;nbsp;*&amp;nbsp; no&lt;/p&gt;&lt;p&gt;** yes&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;UPDATE (8/5): According to &lt;em&gt;The Lawyer&lt;/em&gt;, &quot;Cadwalader partners next to face the chop&quot;&lt;/p&gt;&lt;p&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/p&gt;

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