Cadwalader, Wickersham, & Taft held an extraordinary meeting today, November 19, to remove managing partner and former chairman Bob Link from its management team. Link’s responsibility within the firm has been dwindling since February, when Chris White replaced him has chairman and de facto leader.

Cadwalader was once New York’s third most profitable firm, but today it is far from that. It is reported that over the past 6 months Cadwalader has been deteriorating rapidly, with its markets being the worst it has been in 216 years.

With Chris White taking over, Caladwalder hopes to revamp its firm so it is profitable again. White is expected to take total control of the firm, re-shape the board, and revamp strategy.