Cadwalader Wickersham & Taft has lost two bankruptcy partners, including its co-chair of restructuring Bruce Zirinsky, to Greenberg Traurig.
Zirinsky will join Greenberg with fellow bankruptcy partner John Bae, despite the promise of a place on the firm’s management committee later this month.
“Bruce has been trying to get on the committee for years,” said a Cadwalader source.
It seems to have come too late. He was set to assume his seat on the committee with the other co-chair of restructuring Deryck Palmer following the removal of former chairman Bob Link and Charlotte office head Jim Carroll (see story).
Cadwalader had a difficult 2008, parting with 131 associates following the collapse of the firm’s core structured finance markets. The prospect of a huge drop in profits resulted in a change of management, which saw Link first replaced as chairman by Chris White and then dropped from the management committee.
Zirinsky is best known for his role as lead debtors’ counsel in Northwest Airlines’ chapter 11 cases.
Cadwalder and Greenberg issued a joint statement confirming the move.