Founded in 1792, Cadwalader is one of the oldest law firms in America and the oldest continuing Wall Street practice in the nation. Following its first office in New York, the firm has expanded to two national offices in Washington DC and Charlotte and an international office in London.
Focusses / specialisms
Though the firm has experience in a wide variety of financial and corporate practice areas, it is nationally recognised for its outstanding work in structured finance and securitization, largely led by the New York team.
It also has standout teams in regulatory financial services and derivatives. In regulatory financial services, the team represents banks, financial institutions and regulatory bodies in regulatory matters ranging from securities and M&A regulatory advice to assisting with major legislative changes.
In banking work the firm represents both borrowers and lenders in credit facilities, subscription facilities, term loan agreements and acquisition financing.
In capital markets, the firm represents banking and financial institutions on derivatives, ABS, CLO, swaps, repo facilities, exchangeable extendible money market certificates and other types of structured financing products. Clients act as both issuers and underwriters.
The investment funds practice represents national and global financial institutions in fund formations and investments.
In M&A, the firm represents private equity and strategic buyers and sellers in acquisitions, mergers and financial investments across a multitude of industries.
In restructuring and insolvency, the firm advises creditors in Chapter 11 restructuring cases.
Key clients
Key clients for the firm include the Federal Reserve’s Alternative Reference Rates Committee, the Security Industry and Financial Markets Association (SIFMA), Coöperatieve Rabobank, BNP Paribas, HealthCare Royalty Partners, Assured Guaranty, MBIA, Nearwater Capital, Bank of America Merrill Lynch, Mantle Ridge, Hudson Executive Capital, Argonaut Insurance, Morgan Stanley Capital Group, National Founders and Structured Finance Association.
Research period review: 30th edition (2019/2020)
Over the research period the regulatory financial services team represented private financial institutions with securities and M&A regulatory oversight. Significantly, the team also represented separate governmental regulatory institutions regarding two important monetary legislative changes. The team helped prepare for the LIBOR transition, specifically regarding fallback language for cash products and assisted with capital, liquidity, margin and segregation requirements for CFTC and SEC registered swap dealers as a result of Title VII of the Dodd-Frank Act.
The banking team represented mostly lenders in a mix of credit facilities, term loan agreements and subscription facilities. Banking and financial services and the healthcare and life sciences industries were big industries for the team.
The capital markets team advised clients in the banking and financial services industry on a wide variety of structured financing and derivatives products. Many of the transactions involved a regulatory component.
The investment funds team represented international financial institutions with fund formations and subsequent investments.
The M&A team represented strategic and private equity clients in acquisitions, sales, mergers and investments. Many of the acquisitions were minority stake acquisitions of companies, especially in the banking and financial services, healthcare and industrials industries.
The restructuring and insolvency team advised creditors in Chapter 11 financial restructurings.
In terms of lateral moves, the regulatory financial services and investment funds teams brought over partner Mike Newell from Norton Rose. The M&A team brought over partner Vivian Maese from Latham & Watkins.
Deal highlights: 30th edition (2019/2020)
Castleton Commodities International $2.775 billion senior secured working capital facility
Commonwealth of Puerto Rico bankruptcy
LendingClub’s $185 million acquisition of Radius Bancorp
Siemens Medical Solutions $1.1 billion acquisition of Corindus Vascular Robotics
Client feedback: 30th edition (2019/2020)
Banking
“Broad range of expertise readily available and continuous efforts to anticipate our needs as new issues emerge in the financial services industry. Also able to pair technical legal expertise together with practical knowledge of how financial service firms operate internally in order to provide advice and guidance that is immediately actionable by us.”
Capital markets: derivatives
“Cadwalader is very knowledgeable about derivatives regulation, very responsive and the attorneys are quite nice.”
“Runs the entire transactions with a very sure and safe pair of hands. Very commercial and always finds a solution to every problem.”
Financial services regulatory
“Cadwalader partners with whom I have worked are very responsive and knowledgeable in their respective practice areas. And they have a good business sense for what is reasonable and practicable.”
“Scott Cammarn at Cadwalader has previously been an in-house GC. As a result, his legal advice is practical and implementable, in addition to being technically accurate and sound. This distinguishes Scott's legal advice from other law firms that provide more theoretical advice on legal interpretation as opposed to in addition providing practical advice and guidance on how to implement legal requirements consistent with industry peers. In addition, Scott is incredibly accessible and responsive when compared to other similarly situated partners/law firms. Finally, Cadwalader's rates are very competitive, resulting in an overall package of high-quality legal advice that is provided in a timely, efficient and effective manner.”
Investment funds
“Expert in the law, practical advice, responsive”
“Responsive, communicative, deep bench of industry knowledge, extensive industry network.”
Restructuring and insolvency
“Very knowledgeable about the law, Ch. 11, courts, etc.”
