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The New York management of Cadwalader Wickersham & Taft has failed in an attempt to buy back three of the seven London partners who left for Paul Hastings.
The New York management ;of ;Cadwalader Wickersham & Taft has failed in an attempt to buy back three of the seven London partners who left for Paul Hastings.
Cadwalader is understood ;to ;have ;offered litigation partner and office head Michelle Duncan (pictured), restructuring partner Karl Clowry and funds partner Christian Parker financial incentives to stay.
The trio will soon be free to join Paul Hastings along with their four colleagues Conor Downey, Justin Jowitt, Tom O’Riordan and Charles Roberts. Around 15 associates are expected to accompany them.
The departures leave the London office with just four partners. The US firm, which was one of the first to make mass redundancies last ;year, ;also ;laid ;off another nine associates in its Charlotte and New York offices and saw New York reinsurance and disputes partner Clifford Schoenberg quit for Mayer Brown.
It ;has ;also ;reduced salaries in Charlotte as it tries to cut costs further. The firm’s average profit per equity partner dropped by 30 per cent, from £1.87m in 2007 to £1.29m in 2008.
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