Cadwalader Wickersham & Taft has become the first firm to take a hit on performance in 2007, with average partner profits at the New York firm falling by 6% to $2.72m (£1.38m).

Figures unveiled by Cadwalader today (5 February) show average profits per equity partner (PEP) at $2.72m 9£1.37m) for 2007 – a fall of 6% from the previous year's mark of $2.9m (£1.48m).

Overall revenue at the firm increased marginally, edging up by 5% to reach $587m (£299m) from $556m (£283m).