This BigLaw firm is operating without a chairman after posting worst lawyer revenue among top firms
The chosen chairman of Cadwalader, Wickersham & Taft never did fill the job this year.
James Woolery, a lateral hire just two years ago, announced in January—the month he was slated to become chairman–that he was leaving to start a hedge fund. The announcement was delivered after a disappointing year in which the firm posted the largest drop in revenue per lawyer among the top 100 ranked law firms, the American Lawyer (sub. req.) reports.
Revenue per lawyer at Cadwalader in 2014 dropped by 3.2 percent, to $1.065 million, while profits per partner were down 15.3 percent, to $2.2 million, the story reports. Gross revenue was flat at $481.5 million, while expenses rose by $22 million.
Woolery was guaranteed at least $8 million a year in his three-year deal with Cadwalader, but he says he couldn’t turn down the opportunity at Hudson Executive Capital. Now Cadwalader managing partner Patrick Quinn is leading the firm and, for now, there is no chairman.
Quinn tells the American Lawyer that 2014 was a busy year for Cadwalader, though some of the revenue won’t be realized until this year. As 2015 begins, the firm had its strongest first quarter in six years, he says. The $22 million in expenses last year represented investment in technology and training, he says.
According to the American Lawyer, Cadwalader’s focus on securitization deals left it hard hit during the 2008 downturn. Quinn says he’s confident the firm will return to pre-recession profits, doing more diversified work.
