"We have not committed to sell the building,' Link told GlobeSt.com. "We haven't concluded that at all. Here's where we're at. We're out of space. We do need space--close to 500,000 sf. One option is to sell, but maybe we won't sell."

And while he confirmed that Julien J. Studley has been retained to scout new space options and that Jones Lang LaSalle would market the 300,000-sf Maiden Lane building should the firm decide to sell, Link called the story's claim that Cadwalader has already made that call "misleading. He added that the story "overstated" how far discussions on the firm's future space considerations have progressed. "We're at the very beginning of assessing our options for positioning Cadwalader for the next 15 years." He said the process would likely evolve over the next 18 months.

There are several other strategies under consideration. "Right now we already have space across the street," he notes, referring to the 80,000 sf the firm leases at 125 Maiden Lane. There are some expansion possibilities there, Link said, and though in his best of all possible worlds the firm's 380 New York attorneys would all work under one roof, a scenario under which Cadwalader would "keep the building and grow in a second location" remains a possibility. "We see a value of having our law firm in one location or no more than two." A sale, or even a sale/leaseback of the 24-story property, "is one alternative we're looking at," he noted.

Cadwalader is considering both Downtown and Midtown as it begins the planning process, but, again, nothing is even close to firmed up, Link insists. "We're not evaluating any individual buildings," he states. "We're just at the start of the process. We've been Downtown for 210 years and we're very committed to Downtown." He said a statement that the firm is in discussions with government officials regarding financial incentives to keep Cadwalader in Lower Manhattan is also something of an overstatement. "We had talks earlier, but with everything up in the air we're not in a position to commit" to an incentive package.

The firm, which employs roughly 510 attorneys in its New York; Washington, DC; Charlotte, NC; and London offices, expects to sustain an annual growth rate of roughly 10%.

Representatives from Studley and JLL did not return phone calls by press time.