Cadwalader denies profits collapse claim
Cadwalader Wickersham & Taft partners have denied claims that the law firm's partner profits are set to fall dramatically, as the New York law firm moves to overhaul its board. Partners at the firm told Legal Week that speculation that profits could plummet by more than 50% was wrong, arguing that the securities heavyweight has been hit no worse by the financial crisis than its main US competitors.Those within the firm concede that profits have been hit by the economic crisis but declined to comment formally about what the end result is likely to be. Last year profits per equity partner fell by 6% to hit $2.72m (£1.82m).
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