From The American Lawyer

Cadwalader, Wickersham & Taft’s energy and commodities group is breaking up, with lawyers leaving for Allen & Overy and Haynes and Boone, part of a process that will see the Wall Street firm close a Houston office that it opened six years ago.

In a statement provided to The American Lawyer, Cadwalader’s managing partner Patrick Quinn said the firm’s decision to shutter its Houston outpost was a reflection of its new emphasis on a core client base that includes big banks and financial institutions, large companies and hedge funds.

“This focused strategic approach has, not surprisingly, resulted in some of our partners moving on,” Quinn said. “We are sad to see our friends depart and wish them well. However, in order to provide exceptional service to our natural client base and a profitable platform for our partners, we must continue to pursue our strategy.”

Cadwalader’s reorganization saw the firm announce in late September the closure of its Asian offices in Beijing and Hong Kong. In recent weeks, firms like Jones Day, King & Wood Mallesons, Latham & Watkins and Stephenson Harwood have moved to pick up Cadwalader refugees from those offices, as noted by sibling publication The Asian LawyerThe American Lawyer reported last summer that Cadwalader had held merger talks with King & Spalding and a small New York litigation firm.

“With extensive global reach and deep connections to the relevant industries, Allen & Overy is well-positioned for global commodities investigations and enforcement actions,” said a statement by partner John Terzaken, who joined the firm in 2012 and heads Allen & Overy’s investigations and litigation group in Washington, D.C. “Adding partners like Greg and Tony, both with deep CFTC experience, to our team will provide our clients the support they need to manage the growth of multibillion-dollar, multijurisdictional enforcement actions.”

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