Cadwalader’s ‘Spectacular Raid’ Snags Private Equity Chief
Cadwalader, Wickersham & Taft has been in the news lately for laying off 35 associates, but the downturn hasn’t stopped the firm from hiring the global head of the private equity practice at Latham & Watkins.
The Lawyer calls Cadwalader’s hiring of R. Ronald Hopkinson “a spectacular raid” on its rival.
Hopkinson told the New York Law Journal that Cadwalader “is absolutely committed to building a first-tier private equity practice” and is prepared to hire more top lawyers in the area. Hopkinson has represented several major private equity firms in high-profile deals, the legal publication says.
Cadwalader reported this week that its average profit per equity partner dropped 6 percent in 2007. But 2008 could be better, since it is advising Microsoft in its $44.6 billion bid for Yahoo.
An M&A partner at a rival firm told The Lawyer that the hiring of Hopkinson is astonishing. “You could not overplay its significance,” he said.
