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News
Orrick’s CLO coup stuns market, Cadwalader reels
by Kathryn Gaw & Shant Fabricatorian
While the departure of David Quirolo and colleagues from Cadwalader, Wickersham & Taft was not unexpected, the scale and speed of the move has sent shockwaves through the US and European credit markets.
Within 24 hours of the announcement that Orrick had recruited a 37-strong team of CLO and asset-backed-lending lawyers from its rival, both law firms were briefing the market on their plans.
For Orrick, this means expanding its London-based structured finance team even further, and pricing its first deals.
For Cadwalader, it was a trio of promotions, with two associates and a special counsel being made partners, Creditflux reported.
We’re seeing people using CLO technology for lots of different asset classes
David Quirolo
Partner
Orrick
Behind the scenes, a picture of discontent and disarray was starting to emerge. There had been whispers in the market that Quirolo had been unhappy with the leadership structure at Cadwalader for some time, according to sources familiar with the matter who asked not to be named.
The exodus adds to the wave of departures that have stung Cadwalader this year. More than 45 top lawyers have left Wall Street’s oldest law firm previously, though the firm has added 10 partners since. Cadwalader also grabbed headlines for being among the major law firms that agreed to provide US President Donald Trump with free legal work.
Two days after the team’s departure, the news of Cadwalader’s recent loss was still trickling down the ranks of its asset management clients, said sources. A representative for Cadwalader said all client firms had been notified.
Meanwhile, Nate Spanheimer, a former Cadwalader partner and newly named partner at Orrick’s Charlotte office, said: “Our clients have been enthusiastically supporting our transition.”
In an interview with Creditflux, Quirolo explained what prompted his move, citing Orrick’s focus on innovation and the way legal services are provided to clients.
“I think the other thing we found attractive is that we’re seeing a convergence in the market of people using structured finance and CLO technology for lots of different asset classes, like private credit, infrastructure, LP stakes,” he said. “Orrick really had those pieces... where we could apply what we do best in other asset types.”
Quirolo added that he plans to build out Orrick’s structured finance team in London and expand into new spaces, such as infrastructure debt and energy.
However, he won’t be leaving CLOs, which he has worked in since 2004. “[They] are near and dear to my heart!” he added.
