You don't get to be the oldest law firm in New York without weathering some rough spots. But this may be one of the most difficult periods Cadwalader, Wickersham & Taft has ever gone through.

The Wall Street firm, which this week announced a new managing co-partner, has lost nearly three dozen partners just this year. And not all of them have left because of the firm's controversial deal with President Trump for free legal services.

On today's episode of our podcast, On The Merits, Bloomberg Law reporter Justin Henry explains why Cadwalader may be too specialized to thrive in today's full-service legal industry. He also talks about ways the firm can turn itself around without having to resort to a merger.

Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

NY's Oldest Law Firm Loses Key Partners, Faces Tough Choices