Cahill Gordon & Reindel is navigating a significant downturn in the high-yield and leveraged loans market, resulting in a 20% revenue decline over three years. Managing partner Herbert Washer noted that the departure of around a dozen partners prompted the firm to reassess its position in the legal market. To adapt, Cahill has diversified into private credit, bankruptcy, M&A, and other areas, hiring over 15 partners since 2022. Washer stated: “By all metrics—demand, value of time, billing, revenue—I think the firm is up substantially over 2023.” The firm aims to increase its litigation revenue and has represented clients like Credit Suisse and Tesla. Despite challenges in private credit, Washer remains optimistic, asserting: “The last four months of the year will be even stronger than the first eight months.” Cahill’s strategy focuses on maintaining a small yet dominant presence in key practice areas.