Cadwalader Equity Partner Profit Dips, But Microsoft Deal Will Refill Coffers
The average profit per equity partner dropped 6 percent in 2007 at Cadwalader Wickersham & Taft, the law firm reported today.
However, overall revenue increased 5 percent at the New York-based firm, according to Legal Week.
As discussed in a previous ABAJournal.com post, Cadwalader announced 35 lawyer layoffs last month as the firm struggled to adapt to market volatility in the wake of the U.S. subprime mortgage meltdown and worldwide credit crunch that resulted.
The firm presumably is feeling cheery, though, about its recently announced role in Microsoft’s proposed $44.6 billion acquisition of Yahoo, notes the Lawyer. “With Cads still smarting from the negative press generated by its laying off of 35 associates last month, a fistful of Microsoft dollars in the pipeline will be very welcome.”
As the Lawyer details in in an earlier article, Cadwalader is to advise Microsoft on the antitrust implications of the acquisition. So far, it is the year’s biggest deal.
