Cadwalader London revenue jumps by 10% as City base approaches $50m mark

Cadwalader-Office-Sign

Cadwalader Wickersham & Taft has posted a London revenue figure of $44.9m (£35.9m) for the 2016 financial year, up almost 10% on the previous year.

The firm, which in previous years has declined to reveal London figures, confirmed its 2015 City revenue was $40.9m (£32.7m).

It also confirmed that it has quadrupled its London office revenue since 2011, when its City base produced $10.8m (£8.6m) in revenue.

Cadwalader’s global revenue declined last year amid a spate of partner defections and office closures.

Gross revenue fell by 2.5% to $452m (£360.9m) last year, although the firm’s profits per partner rose 2.7% in 2016 to $2.115m (£1.69m) after dropping consecutively for three years.

Revenue per lawyer at Cadwalader held steady at about $1.03m (£820,000). Headcount declined 2.2% to 438 lawyers, while the number of equity partners dropped by two to 45.

Cadwalader confirmed in September it was closing its Asia offices in Hong Kong and Beijing, and in January said it was closing its Houston branch.

The firm saw a steady stream of prominent partner exits in 2016, including a group of antitrust lawyers led by Charles ‘Rick’ Rule, who joined Paul Weiss Rifkind Wharton & Garrison; four litigators, including Louis Solomon, who joined Greenberg Traurig; litigator Martin Seidel, who left for Willkie Farr & Gallagher; and executive compensation lawyer Steven Eckhaus, who joined McDermott Will & Emery.