Embattled Cadwalader May Oust Managing Partner, Report Speculates
Partners at Cadwalader Wickersham & Taft, Wall Street’s fifth most-profitable firm, may vote to remove managing partner and former chairman Robert Link from the management committee at a meeting this Wednesday.
Anticipating a profit drop of more than 50 percent, the firm’s partners are looking to replace the man who elevated Cadwalader’s revenues by focusing on capital markets and real estate, leaving the firm vulnerable when these markets collapsed, The Lawyer reports, citing an anonymous Cadwalader partner.
The firm said it does not comment on rumors in a statement emailed to the ABA Journal today:
“The management committee has not yet submitted a slate for 2009; it is expected to do so by the end of November or early December. The firm does not comment on rumor, and until the management committee has presented the 2009 slate to the firm, it would be inappropriate to discuss with anyone outside the firm.”
Cadwalader spokeswoman Nicky McHugh said she couldn’t confirm that a management meeting would not take place on Wednesday.
Chairman Christopher White officially took the firm’s top management role from Link in February.
