Cadwaladers results: profits surge 28%
Legal Week reports
January 29, 2004 at 07:03 PM
2 minute read
Cadwalader Wickersham & Taft has announced a 28% surge in partner profits, as the New York firm sets the pace for a year of blistering financial results from the US' top firms.
Figures released to Legal Week show the firm's average partner profits in 2003 hitting to $1,595,000 (£878,000), against $1,250,000 (£688,000) the previous year. At the same time revenue's increased 12% to $353m (£194.6m).
Cadwaladers put the figure down to a strong year across numerous departments, but the surge of activity in the firm's highly-rated restructuring practice is acknowledged as a prime driver.
One partner commented: "We have dominated the securities sector of the US market, performed strongly in restructuring and litigation and taken more market share in M&A."
The firm's 80-lawyer London arm is also believed to have contributed to the result having advised on numerous restructurings and bondholder litigations.
The practice, which is believed to take in over £25m annually, is already regarded as one of the most productive City arms of a US parent.
The results come amid mounting expectations that US law firms will this year unveil revenue and profits growth well ahead of City rivals for the second year running.
Earlier this week Los Angeles-based giant Latham & Watkins announced it had seen a 14% rise in revenue to break the $1bn (£562.4m) barrier, with a 12% rise in profits to $1.273m (£700,000).
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