[W]hile it might take several months to determine the full damage, so far the firm hasn’t seen large groups of partners bolt for the door, a phenomenon that can create a mini-panic at a firm and result in the loss of entire practice groups. Of course, the handsome partnership payouts provide good incentive to Cadwalader partners to stay put. And while Cadwalader might never be called a “collegial” place, its partnership is at least cohesive. It consists of a manageable 114 lawyers located predominantly in lower Manhattan.
Make that 113 lawyers. From a press release issued today by Steptoe & Johnson:
Steptoe & Johnson LLP, a pre-eminent international law firm, today announced the addition of Andrew J. Perel as a new partner in its New York office.
Mr. Perel, former Chair of Cadwalader, Wickersham & Taft’s Environmental Practice Group, will also become the resident member of the management committee of Steptoe’s New York City office and that office’s representative on the firm’s Executive Committee.
“Andrew is the ‘go to’ environmental lawyer in New York. He is a leader in his field and highly respected nationally. Through his practice, he provides Steptoe with additional entrée into the financial services clients that are the backbone of every New York law firm practice,” said Steve Fennell, head of Steptoe’s Litigation Department.
Is Perel’s departure an isolated occurrence? Or could it be the first of several partner exits? Time will tell.
Andrew J. Perel Joins Steptoe as Partner in New York Office [Steptoe & Johnson (press release)]
Andrew J. Perel bio [Cadwalader via Google Cache]