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US firm Cadwalader Wickersham & Taft is making a raft of redundancies in the London project finance group.
The cuts, which were announced internally last week, look set to claim at least one partner as well as up to five other lawyers of varying seniority.
The news comes as Cadwalader posted record profits in the last financial year. Average profits per equity partner were up by 28 per cent to $1.6m (£860.8m), while revenues increased by 12 per cent to $353m (£189.9m). According to The Lawyer 100 last year, Cadwalader’s London office had the highest profits per partner in the UK at £1.8m.
Cadwalader has struggled to build up its projects practice in London. It underwent turmoil in 2000, when partner Paul Griffin left for Herbert Smith after disagreements over the level of the firm’s investment in the area.
Confirming the redundancies, a Cadwalader spokesperson told The Lawyer: “We appreciate the fine work and contributions these lawyers have done for the firm in the past. Their departure in no way should be taken as negative, either for them or for the firm as a whole.”