Cadwalader Profits Plummet 30% in 2008

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The American Lawyer reports that America’s oldest law firm, Manhattan’s Cadwalader, Wickersham & Taft, saw its average profits per equity partner fall more than 30% in 2008.

Cadwalader’s equity partners will take home average profits of a mere $1.88 million, down from $2.73 million in 2007. Revenue fell to $506 million, down 13.8%.

Rumors abounded that profits per partner might fall 50%, so there may be sighs of relief coming from partners afraid they might have to switch to the cheaper domestic caviar.

  

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In October, consulting firm Hildebrandt International said that firms with “significant capital markets practices” like Cadwalader would likely see average drops for partner profits of 5 to 15%, “with a few firms seeing even steeper declines.”

Orrick, Herrington & Sutcliffe saw profits per partner fell 21% to $1.315 million.  Thacher Proffitt & Wood is in the process of dissolving because of what it said were “severe reductions in revenue.”