Cadwalader partners' earnings could fall by 40%
Details have emerged of the impact of falling profits on partners' earnings at Cadwalader Wickersham & Taft, which suggest some partners could see earnings fall by around 40%. Cadwalader announced this week (13 January) that profits per equity partner (PEP) dropped by 31% in 2008 to hit $1.88m (£1.2m), down from $2.725m (£1.8m) in 2007. Revenues, meanwhile, fell by 13.8% to $506m (£336m) from $587m (£389m) in 2007.However, it has emerged that in 2008 each equity point was worth around $240,000 (£163,000), whereas the equivalent point in 2007 was worth just over $400,000 (£278,000), and $452,000 (£307,000) in 2006. Changes in total allocated equity points within a firm's partnership can make points fall by more than average PEP.
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