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 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.
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