Cadwalader Wickersham & Taft has appointed a new chairman following a shake-up of the New York firm's senior management, writes the New York Law Journal.
Finance chief Christopher White takes on chairman duties from long-time incumbent Robert Link, Cadwalader announced yesterday (27 February), with the appointment due to take effect from 1 March.
Link will continue to serve as Cadwalader's managing partner and will hang on to his place on the Manhattan leader's six-partner management committee.
Cadwalader litgation chief and management committee member Gregory Markel said the committee had agreed to broaden management responsibilities as the firm presses ahead in a number of relatively new practice areas.
Under the new management line-up, White, the chair of the firm's global finance group and also a management committee member, will focus more on strategic issues while continuing his practice, said Markel. Link, a full-time manager, will take on more day-to-day administrative responsibilities.
Markel said the elevation of White was "not in any way a criticism of Bob". He said the firm would regard White and Link as a team, with neither reporting to the other.
The news comes as Cadwalader wrestles with an ongoing slump in its core capital markets practice area, with the firm announcing last month it was laying off 35 structured finance associates and reassigning several more.
Link had been the firm's outspoken top leader since 1994, during which time Cadwalader rose to become one of New York's most profitable law firms. In 2006, the firm had profits per partner of $2.9m (£1.47m) - ranking only behind perennial Manhattan leaders Wachtell Lipton Rosen & Katz and Cravath Swaine & Moore - although that dipped by 6% to $2.7m (£1.37m) last year.
The New York Law Journal is a US sister title of Legal Week.
More news, deals and comment on Cadwalader Wickersham & Taft