Cadwalader Wickersham & Taft has been rocked by the mass walkout of seven London partners to Paul Hastings.
The Lawyer can exclusively reveal that the partners leaving the firm are Karl Clowry, Conor Downey, Michelle Duncan, Justin Jowitt, Tom O’Riordan, Christian Parker and Charles Roberts.
The defections leave US firm Cadwalader with just four partners in London.
An insider suggested the move could prompt Cadwalader to shut down in London altogether: “I’d be bloody surprised if the office was still here this time next year. The office lease is about £2m and none of the partners left bill anything near that.”
It is understood that firm chairman Christopher White (pictured) and former chairman Bob Link have flown in to London from New York for crisis talks with the London partners.
The news comes as Cadwalader reveals a 30 per cent profit plunge, with profit per equity partner (PEP) dropping to $1.88m (£1.24m) from $2.725m (£1.8m) last year (TheLawyer.com, 13 January.)
Paul Hastings did not return calls for comment.