Cadwalader Faces Talent Loss as Orrick Grows Debt Finance Capabilities
Orrick’s Strategic Expansion Targets London and Charlotte Financial Markets
In a bold move to bolster its debt finance and structured finance capabilities, Orrick, Herrington & Sutcliffe LLP has successfully recruited a team of 37 highly skilled lawyers from Cadwalader, Wickersham & Taft LLP. The significant hire, announced on Monday, includes 10 seasoned partners who will join Orrick’s expanding footprint in key financial markets like London, Washington D.C., and Charlotte. The move further positions Orrick as a key player in the global finance sector, especially in collateralized loan obligations and asset-backed lending.
This strategic recruitment highlights Orrick’s ongoing growth, especially as it strengthens its already robust U.S. structured finance practice. The team’s move follows a recent trend of talent migration from Cadwalader to other major law firms, raising eyebrows about the competitive landscape of the legal services market in the debt finance space.
Strengthening Structured Finance Capabilities
David Quirolo, a partner in the debt finance team joining Orrick in London, emphasized the firm’s strong reputation in structured finance in the U.S. He sees a significant opportunity to replicate this success across Europe, especially in London, which continues to be a financial hub post-Brexit. According to Quirolo, this strategic expansion will not only help Orrick enhance its existing practice but also serve as a catalyst for expanding its European client base.
Orrick’s decision to open a new office in Charlotte, North Carolina, is another significant development in the firm’s plans to broaden its reach. This moves places Orrick at the heart of the southeastern U.S. financial market, further solidifying its position as a global leader in structured finance law.
Cadwalader’s Leadership Changes and Talent Losses
This major talent shift is just one of several challenges faced by Cadwalader, a renowned New York-based law firm that has seen an exodus of lawyers to rival firms throughout 2025. In addition to losing 37 lawyers to Orrick, Cadwalader has experienced departures across multiple practices, including leveraged finance and real estate finance, which were particularly affected. Proskauer Rose, another competitor, opened a Charlotte office last month with a team of four Cadwalader leveraged finance partners, further escalating the competitive tension.
Cadwalader’s real estate finance group also saw a mass departure in April 2025, when 14 lawyers, including prominent figures such as Bonnie Neuman, joined Sidley Austin. Meanwhile, Ellen Holloman, a former litigation partner at Cadwalader, left for Kaplan Martin earlier this year, marking a significant loss in the firm’s pro bono leadership.
Despite these departures, Cadwalader remains resilient, continuing to recruit talent from other firms. In August, Steven Kolyer, a former Sidley Austin partner, joined Cadwalader to co-lead the firm’s commercial real estate CLO group. Additionally, Wesley Misson was appointed as co-managing partner alongside Patrick Quinn, signalling the firm’s strategic focus on long-term leadership and growth.
Impact on the Legal Industry and Market Trends
The recent shift in legal talent underscores the growing competition in the debt finance sector, where law firms are vying to secure top-tier talent in a rapidly evolving market. This trend reflects broader shifts in the legal services industry, as firms look to enhance their expertise in specialized areas like structured finance, CLOs, and asset-backed lending.
For Orrick, the addition of 37 skilled lawyers represents a significant investment in expanding its structured finance practice, particularly in London and Charlotte. The move also signals the firm’s commitment to meeting the demands of a global client base seeking sophisticated financial services. As more firms like Orrick take bold steps to expand into new markets and practices, it is clear that the competition for talent within the debt finance sector is intensifying.
Orrick’s Strategic Growth and Cadwalader’s Challenges
Orrick’s latest recruitment is a testament to the firm’s growing prominence in the global debt finance market. With its well-established reputation in structured finance in the U.S., the firm’s expansion into new international markets like London and Charlotte could pave the way for future success. Meanwhile, Cadwalader’s ongoing challenges in retaining key talent underscore the dynamic nature of the legal services market, where firms must remain agile to respond to changing client needs and competitive pressures.
As the market for specialized legal services continues to evolve, the firms that successfully adapt to these shifts by recruiting top-tier talent and expanding into key financial hubs will likely emerge as leaders in the industry.