The second most profitable firm in the US, Cahill Gordon & Reindel, has elected William Hartnett as its new chairman.
Hartnett will take over as head of the heavyweight leveraged finance firm, effective 1 January 2006, following the retirement of longstanding executive committee chairman Emmanuel Kohn on 31 December.
Kohn is retiring after 33 years as a member of the executive committee and 15 years as chairman. Hartnett has been a member of the executive committee since 1998.
Cahill Gordon is a corporate and litigation practice dominated by leveraged finance expertise. It is the second most profitable firm in the US based on profit per equity partner (PEP).
The firm reported a PEP of $2.5m (£1.4m) for the 2004 financial year. This was based on a gross revenue of $227m (£128.3m), generated by 247 lawyers, including 64 partners based mainly in New York.
It also has small presences in Washington DC and London. The London office consists of one partner supported by three associates.
A spokesman for the Manhattan-headquartered firm confirmed Hartnett’s appointment, but declined to comment on “internal firm process and decision-making”.