Cadwalader, Wickersham & Taft announced Tuesday that James Woolery, poised to become chair of the firm this month after nearly two years as chairman-elect, is leaving to cofound a new investment venture. Patrick Quinn, Cadwalader’s managing partner-elect for the past year, is now sole leader of the storied Wall Street firm that made Woolery its highest-paid partner in early 2013.

Quinn, 51, a former cochair of Cadwalader’s capital markets practice and 26-year veteran of the firm, was appointed managing partner by Cadwalader’s eight-lawyer management committee over the weekend. Quinn informed the partnership of the changes in an email Monday.