Cadwalader has been the subject of much merger speculation in recent weeks, with Atlanta-based Alston & Bird one firm hotly tipped as a potential partner.
While Cadwalader has stressed that it has been ‘approached by many top-tier firms for years’, while also noting its ‘very strong financial position’, an analysis of the data – from financials and headcount to Legal 500 rankings and client satisfaction scores – highlights the strengths, weaknesses and compatibility of both firms.
Alston is more than twice as big as Cadwalader
With turnover just above $1.3bn, Alston is more than twice the size of Cadwalader, which has revenues of $638m. Were they to merge, combined revenue of almost $2bn would place it on the fringes of the world’s top 30 largest firms, comparable in turnover terms to Mayer Brown and Weil Gotshal & Manges. Alston also has a much larger headcount, with 935 lawyers compared to Cadwalader’s 427.
| Revenue | PEP | Lawyers | Partners | |
|---|---|---|---|---|
| Cadwalader | $638m | $3.71m | 427 | 125 |
| Alston | $1.331bn | $4.09m | 935 | 401 |
Alston’s ten-year growth far outpaces Cadwalader’s
In the past decade, Cadwalader’s revenue has grown by 33%, while Alston’s has more than doubled.
The difference between the two firms was far less stark in 2015, when Alston stood at $646m, compared to Cadwalader’s $481m. However, by 2020 the gap had opened up, with Alston growing nearly 30% to $836m while Cadwalader saw revenue dip to $459m.
Cadwalader returned to growth over the next five years, with revenue up 39% from 2020 to 2025, but Alston continued to surge ahead, with almost 60% revenue growth over the same period.
Alston has far more offices – though both firms are very US-focused
There is a big difference in footprint between the two firms, with Alston boasting 13 offices – 11 of which are in the US – compared to just five for Cadwalader.
Cadwalader has just three offices in the US after streamlining its domestic presence in the 1990s. The firm also closed in Beijing and Hong Kong in 2016 and in Brussels in 2018, and now only has two overseas bases in London and Dublin.
By contrast, Alston has grown, opening in London in 2019 and in Chicago and Century City in 2024; the firm also has a Brussels base.
Cadwalader has a far larger London presence
While Alston is the bigger firm, Cadwalader has a larger presence in London, where it opened in 1997. At the start of this year, the firm had 68 lawyers in London, including 22 partners and, despite a series of partner depatures, London lawyer count has grown by over 40% in the last decade.
Meanwhile, Alston has around 30 lawyers in its six-year-old City base, according to the firm’s website, with some of them splitting their time between London and Brussels.
Cadwalader outperforms in both the UK and US Legal 500 guides
Cadwalader may be smaller than Alston, but it is the stronger performing firm by Legal 500 rankings in both the UK and US. Cadwalader has 18 US rankings, compared to seven for Alston. In the UK, meanwhile, Cadwalader has 13 rankings, compared to eight for Alston.
Alston also lacks a single top-tier ranking, while Cadwalader has four, all in the US – structured finance: derivatives and structured products, structured finance: securitization, mid-market M&A, and tax: financial products.
Cadwalader gets the client approval in London
In addition to rankings, Legal 500 data also offers an insight into what clients think about their law firms – and Cadwalader has the top score for a total of eight client service metrics in London.
These include sector/industry knowledge for derivatives and structured products, value, billing and efficiency for securitisation, and sector/industry knowledge for fund finance.
The client satisfaction scores in this article are compiled from referee responses collected during Legal 500 research. Benchmark scoring for our other criteria (lawyer/team quality, and sector and industry knowledge) and other sub-criteria is also available. If you would like to know more, please contact [email protected]. Picture credit: David Lat.
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