Cadwalader Wickersham & Taft has confirmed that its partner profits fell by more than 30% in 2008, as the firm unveils results that will be viewed as a bellwether for the US legal market. Cadwalader's profits per equity partners fell to $1.88m (£1.24m), down from $2.725m (£1.8m) in 2007, while revenue fell to $506m (£336m), down 13.8% from $587m (£389m).Chairman Christopher White said the firm is now positioned for 2009 following a series of layoffs in its troubled structured finance practice, which was severely hit by the prolonged turmoil in global credit markets.
January 13, 2009 at 09:48 AM
1 minute read
The original version of this story was published on Legalweek
Cadwalader Wickersham & Taft has confirmed that its partner profits fell by more than 30% in 2008, as the firm unveils results that will be viewed as a bellwether for the US legal market.
Cadwalader’s profits per equity partners fell to $1.88m (£1.24m), down from $2.725m (£1.8m) in 2007, while revenue fell to $506m (£336m), down 13.8% from $587m (£389m).
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