The Lawyer is reporting that seven partners in Cadwalader’s London office have defected for Paul Hastings:
The Lawyer can exclusively reveal that the partners leaving the firm are Karl Clowry, Conor Downey, Michelle Duncan, Justin Jowitt, Tom O’Riordan, Christian Parker and Charles Roberts.
The defections leave US firm Cadwalader with just four partners in London.
Yesterday, we noted that despite CWT’s profits per partner dropping by 30%, managing partner Chris White was still looking forward the firm bouncing back in 2009.
But maybe the London partners weren’t thrilled about the new firm numbers?
An insider suggested the move could prompt Cadwalader to shut down in London altogether: “I’d be bloody surprised if the office was still here this time next year. The office lease is about £2m and none of the partners left bill anything near that.”
It is understood that firm chairman Christopher White … and former chairman Bob Link have flown in to London from New York for crisis talks with the London partners.
Cadwalader defenders share their views in the comments.
Cadwalader London hit by seven-partner walk out [The Lawyer]