Rich Farley

Back in March, we wrote about the mysterious departure from Cahill Gordon of leveraged finance partner Michael Michetti. Now, three months later, we can report that the Michael Michetti mystery has been solved: he is joining Paul Hastings, which just trumpeted his arrival in a press release.

Michetti is not the first former Cahill partner to join Paul Hastings in 2011. Just last month, Rich Farley, another leveraged finance partner, hopped over to Paul Hastings.

On the whole, Cahill has been flourishing as a firm — and sharing the bounty with its associates. Recall the firm’s recent mid-year bonuses, which were very well-received.

But do the departures of Messrs. Farley and Michetti reflect trouble in paradise? Let’s hear some of the scuttlebutt….

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