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No real estate revival for corporate lawyers

The big corporate law firm Cadwalader, Wickersham & Taft isn’t expecting a rebound in the real estate market anytime soon, so it’s asking nearly three-dozen lawyers to take the next year off.

The New York law firm confirmed, in an email statement, that it has asked “34 lawyers to accept a one year, unrestricted sabbatical,” during which the attorneys will receive “one-third of their current compenstaion and medical benefits.”

Cadwalader says it has no choice to put its real estate lawyers on extended vacation. “The debt market, particularly the real estate debt markets, remain very slow.” And that means the firm doesn’t “have enough challenging work” to keep those lawyers busy. Of course, that means putting in all those billable hours into the wee hours of the night.

Now we don’t expect a lot of tears to be shed over a few lawyers losing their jobs. There’s not a lot of crying going on over all the jobs lost on Wall Street.

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