Cadwalader Profits per Partner Increase By 28%

Cadwalader, Wickersham & Taft reported a 28% increase in profits per partner for 2009, marking the first per partner increase for the firm since 2007. However, this increase may be attributed to an almost 21% loss in the number of equity partners in the firm and massive associate layoffs. Cadwalader had 61 equity partners at the end of August 2009, compared to 77 a year earlier.

Gross revenue dropped 10% while net icome increased 1.38% to $147 million. The firm reported gross revenue of $456.5 million for 2009. In 2008 the firm announced the layoffs of 131 associates. In early 2009 a further 25 lawyers received layoffs and in July 2009 34 lawyers were offered a one-year sabbatical. Cadwalader reported 457 lawyers at the end of August 2009, down 12.6% from a year earlier when they had 523.

Cadwalader, Wickersham & Taft was founded in New York City in 1792 and is one of the worlds leading financial law firms. Its practice includes the areas of capital markets, bankruptcy, real estate, insurance and income tax. It has offices located in New York, London, Washington, D.C., Charlotte and Beijing.