Few law firms were better-positioned to capitalize on the strength of global financial markets in 2021 than Cadwalader, Wickersham & Taft, which reoriented itself to focus on the transactional needs of clients in 2016 by shrinking its global footprint and focusing on growth that complemented its core practices on Wall Street. The strategy paid massive dividends that year, when the firm jumped from $452.5 million in gross revenue to $608.9 million and boosted profits per equity partner by 71.5%.
That is the wide-angle lens through which managing partner Pat Quinn reflects on 2022, a year that saw key financial metrics tumble from record highs as the markets cooled. Gross revenue dropped to $544 million, a 10.5% reduction, and PEP was down 29.8% at $3 million. Revenue per lawyer also declined by 14.2% to $1.2 million.