Orrick's 'game-changing' Cadwalader raid hits 37 lawyers across London and the US

Orrick has completed its blockbuster finance raid on Cadwalader, hiring 37 lawyers - including ten partners - across London, New York, Charlotte and Washington DC, in one of the biggest finance moves of the year.

The group, which includes some of Cadwalader’s top-ranked CLO partners, significantly expands Orrick’s structured finance capabilities on both sides of the Atlantic and marks the US firm’s launch in Charlotte, North Carolina.

Major London coup

As we first reported last month, the London contingent includes some of the City’s biggest CLO names: David Quirolo, Claire Puddicombe, Alex Collins and Daniel Tobias. The quartet helped build Cadwalader’s London structured finance business into one of the market’s leading offerings, advising arrangers and managers on many of Europe’s landmark "CLO 2.0" deals that emerged after the financial crisis.

The total London contingent joining from Cadwalader comes to 14 lawyers, plus two trainees.

While Orrick has long been regarded as a structured finance powerhouse in the US, the move instantly lifts its profile in London - a market where the firm’s finance practice has until now been comparatively low-key.

New Charlotte office

The wider move also sees Orrick open a 15-lawyer office in Charlotte, a major US financial hub. The office will include four of the incoming partners - Joe Beach, Nate Spanheimer, Skyler Walker and Doug Arborio - alongside M&A and private equity co-leader David Ruff.

Orrick said the arrivals strengthen its global debt-finance platform, combining the new team’s top-tier CLO and asset-backed lending expertise with its existing securitisation, private-credit and restructuring practices.

Blow to Cadwalader

The exits come during a turbulent year for Cadwalader. The Wall Street stalwart - New York’s oldest law firm and long regarded as one of the leading names in both US and European CLO work - has lost more than 30 partners since January, according to Bloomberg Law, a high number for a partnership of around 120.

The firm was among several that struck deals with the Trump administration in April to fend off potentially damaging executive orders targeting Big Law, pledging at least $100 million in pro bono advice. As The Wall Street Journal reported at the time, Cadwalader’s smaller size put it in a weaker position than larger rivals, leaving it with less of a buffer to absorb any loss of business from being named in a White House order.

The decision was understood to have been controversial internally, with reports of partner unease over the deal and speculation that it has since fuelled discontent within the firm.

The firm told Non-Billable when the London exits first broke: "We wish our departing colleagues well. Cadwalader remains on track to have one of its best years in the firm’s history and we continue to be bullish on our growth strategy."

A 'game-changer' for Orrick

Orrick chair Mitch Zuklie called the hires "a game-changer" for the firm and its clients, adding: "It advances multiple strategic priorities, including growing our London office and scaling our finance practice with a team of remarkable quality."