Cadwalader first US firm to post fall in PEP

Cadwalader Wickersham & Taft has posted a 6 per cent fall in average profit per equity partner (PEP) for the 2007 financial year, making it the only US firm so far to report a decrease in bottom line figures. Cadwalader’s PEP dropped from §1.48m in 2006 to $1.37m last year. Revenue per lawyer was down by an even greater percentage, falling 10 per cent from $1m $910,000.