this post was submitted on 20 Dec 2025
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Leopards Ate My Face
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Regardless of how it's structured, the partners at Cadwalader have to be walking away with a lot of money from the deal.
A year ago that firm would have been worth hundreds of millions of dollars, at the moment it's a fire sale. They're almost surely losing millions on the deal.
They're leaving basically with whatever they were already paid as a partner for the years they were there. Law firms don't operate like or pay like traditional businesses. Partners at firms like this almost always have to be offered a partnership, and buy their way in. Some partnerships at prestigious firms can have buy-in fees upwards of a million dollars.
The partners then are paid a percentage of the business, depending on seniority and managing status. If there is no business, there is no pay. If the firm goes under, or is bought out, there is little pay because the firm isn't worth much, if anything.
They're basically leaving with what they've already squirreled away and not spent with potentially lavish lifestyles over the years.