Profits at US firm Cadwalader Wickersham & Taft plummeted 30 per cent in the 2008 calendar year, with average profit per equity partner dropping from $2.72m in 2007 to $1.88m.
Over the same period revenues dropped by 13.8 per cent, from $587m at the end of 2007 to $506m in 2008.
The figures come at the end of a turbulent year for Cadwalader during which managing partner Bob Link was ousted from the management committee (17 November).
Link was removed from the firm’s management after capital markets and real estate finance, which he had steered the firm to focus on, declined sharply. The firm had no hedge against that happening.
Last week The Lawyer reported on bankruptcy partner John Bae and head of restructuring Bruce Zirinsky defecting to Greenberg Traurig (9 January).
Firm management was unavailable for comment.