Cadwalader London revenue up 6 per cent amid global dip

Cadwalader Wickersham & Taft’s London office saw its revenue rise 6 per cent over 2015, while the firm’s global revenue dropped by nearly 4 per cent.

Total revenue at Cadwalader fell 3.7 per cent over the year from $481.5m to $463.5m (£320.6m), with average profit per equity partner (PEP) decreasing even further by 6.8 per cent from $2.21m to $2.1m.

However, the story was different in London, with City managing partner Gregory Petrick saying the office’s turnover went up 6 per cent.

“The firm saw revenue fall globally because litigation related to the financial crash came to its natural conclusion in the last 18 months,” Petrick told The Lawyer. “In London, we’ve historically been a transactional practice, so we’re less litigation dependent.”

In London, Cadwalader has 60 fee-earners compared to 20 five years ago. The firm made a series of cost-cutting measures after the financial crisis, including the axing 20 per cent of its London lawyers in 2008 as part of 96 lawyers laid off worldwide.

Petrick added the office is now one of the “fastest growing” within the firm, with Cadwalader recently adding another floor in its Liverpool Street office to create more space.

“We’re anticipating more lateral hires in the first quarter of 2016,” said Petrick. “We’re particularly trying to grow the capital markets team, as well as the real estate, energy and disputes markets.”

In the past two years, Cadwalader’s London office has hired a number of capital markets partners, including Ashurst partner David Quirolo and Mayer Brown partners Bruce Bloomingdale and Jeremiah Wagner.

The firm’s global revenue also remained flat over 2014, while PEP dipped by 15 per cent.