White & Case posts 3.6% London revenue rise as global growth outstrips UK performance
London arm fails to match global growth as firm-wide revenues reach new record high
February 15, 2017 at 05:45 PM
3 minute read
White & Case's London arm saw revenues rise 3.6% in 2016 after a tough year for Europe's legal markets, with global revenues growing 7.1% to a new record high of $1.63bn (£1.31bn) for the 1,957-lawyer firm.
The firm's London office contributed around $290m (£232m) to this total, up from $280m (£224m) last year.
London managing partner Oliver Brettle said: "It was not the smoothest year for businesses generally. In Europe and London we had a good year, but not as good as the US. In London we saw strong performances in international arbitration and disputes, financial restructuring and private equity."
Revenue per lawyer rose 5% to $835,000 (£670,000), while profits per partner inched up 1.5% to $2.05m (£1.64m).
These gains come about a year and a half into a five-year strategic plan for the firm. Under that plan, the firm intends to grow to about 500 lawyers in both London and New York. Each city had about 350 lawyers in 2015, and the firm has since increased its presence by 20% in New York and 12% in London.
"Our challenge is how to grow, but keep driving profitability," said chairman Hugh Verrier (pictured), who is serving his third term in the role.
UK hires for the firm during the year included Clifford Chance global banking co-head Patrick Sarch, as well as Ashurst London disputes head Mark Clarke, and Berwin Leighton Paisner Europe and Middle East tax co-head Michael Wistow.
Meanwhile, in New York, the firm hired US Department of Justice associate deputy attorney general Virginia Romano. The firm also lost the global head of its investment funds group, Monica Arora, who left for Proskauer Rose in September.
The new hires are not limited to New York and London. In 2016, White & Case launched in Australia with the hire of 10 Herbert Smith Freehills (HSF) partners. (HSF recently sued the partner group, saying it wants to extend a six-month restraint period for departing partners.)
White & Case also hired four McDermott Will & Emery partners during the year, three of who launched a new Boston office for the firm, which will focus on white-collar litigation.
The firm's significant matters in 2016 included its representation of Italian creditors who held $900m (£722m) in Argentine bonds. The bondholders settled with Argentina in a case before the International Centre for Settlement of Investment Disputes.
White & Case is also representing Anthem, both in its proposed acquisition of Cigna Corporation and in related antitrust litigation. On Wednesday (15 February), Anthem said it had filed a suit to block Cigna from leaving the deal.
Among the firm's largest deals during the year was its representation of Canadian utility company Fortis in its acquisition of Michigan-based electric transmission company ITC Holdings for $11.3bn (£9.1bn).
White & Case also represented Kaupthing, the largest of three Icelandic banks to face insolvency, with 290 lawyers helping the bank navigate more than $45bn (£36bn) in liabilities.
The firm's overall lawyer headcount grew by 2.3% to 1,957 in 2016. The equity partner class expanded by 4.2% to 299 partners, while the non-equity partner ranks increased by 1.9% to 160 in 2016.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllSingapore Litigators Shift Competitive Landscape as Another Senior Duo Sets Up Own Shop
US Judge Allows $8M Unpaid Legal Fees Lawsuit Against Sierra Leone to Proceed
2 minute readLondon Trial Against BHP Alleges ‘Red Flags’ Leading up to Brazil Mining Disaster Were Ignored
Trending Stories
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250