Cadwalader’s new manpower model: contract attorneys

In July 2009, Cadwalader, Wickersham & Taft put 34 associates on an involuntary sabbatical.  Now, as reported by Above the Law (click here) the firm is offering to hire them back as contract attorneys, with possible hourly pay between $45 and $65. 

The web site Law and More (click here) follows up with two major issues emerging with that development:  (1) will Cadwalader be the “first mover” on the predicted new manpower model for the law firm, and (2) will former associates accept this?

The articles also quote the figure of $65 an hour as being the top rate in the New York Metro area for contract attorneys.  A few points:

1. That seems to refer to the top rate being offered by Cadwalader.

2. However, many ex-BigLaw associates in the New York Metro are receiving $55 to $65 for contract work albeit not much of it is standard document review work.

3. The ranks of The Posse List have swelled with ex-BigLaw associates and that is why you see in such a large number of our posts seeking those with BigLaw experience as many law firms have told staffing agencies “get those guys.”

We can’t see how ex-BigLaw associates will accept the low rates most of us get.  But as Law and More says “those of us who were forced out of The Establishment, with all its goodies, after the dot-com crash and 9/11 found the adjustment to being invisible in capitalism, that is no status, prestige, big money, tough.  But adjust most of us did. Our career goal has become less grandiose: Paying our bills”.