White & Case chair Verrier set for clear run for second term at helm
White & Case's partners have been notified that current firmwide chair Hugh Verrier is set to run uncontested for another term in the role once his four-year stint elapses in March 2012. The US law firm's partnership was notified by email last month that no-one will stand against Verrier, despite speculation that New York-based banking chief Eric Berg and London project finance partner Philip Stopford would contest the role.
June 01, 2011 at 07:03 PM
2 minute read
White & Case's partners have been notified that current firmwide chair Hugh Verrier is set to run uncontested for another term in the role once his four-year stint elapses in March 2012.
The US law firm's partnership was notified by email last month that no-one will stand against Verrier (pictured), despite speculation that New York-based banking chief Eric Berg and London project finance partner Philip Stopford would contest the role.
The New York-based litigator took over at the helm of the US firm in 2008 from outgoing managing partner and financial services specialist Duane Wall, following an election process involving more than half a dozen contestants.
At the beginning of Verrier's term, the partnership approved a raft of changes to the firm's management structure, including the appointment of an eight-strong partnership committee and a three-strong management committee selected by Verrier.
Verrier also brought in management consultant McKinsey in 2008 with the aim of improving the firm's profitability. This resulted in a management overhaul which saw the firm align itself by region rather than individual office.
Despite falling revenues at the firm during the recession, profits per equity partner (PEP) have remained relatively stable. The firm's London base saw revenues decrease by 6.5% in 2010, while revenue per lawyer grew by 5% to £509,000. Firmwide PEP for 2010 stood at $1.56m (£946,000), down 2.5% on the previous year.
One City partner commented: "To be fair to Verrier, profits at the firm are good and London has been stabilised. However, he will be expected to make new appointments to the existing management team once his second term begins."
Another added: "The last election was a divisive and disruptive period for the business. People don't want to upset the period of stability that has been established since then."
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