In 2015, White & Case launched an ambitious new five-year strategy plan, with rapid growth in London and New York at its centre.

The plan included a target of boosting lawyer count in the City from 350 to more than 500 within five years, with the firm also aiming to increase New York headcount to a similar size.

Two and a half years in, chairman Hugh Verrier discusses progress so far and why the firm is still a long way off its City headcount target.

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How is your 2020 strategy going so far?

"We started in July 2015, so we're at the halfway point. We're on track to achieving all of our revenue, headcount, profitability and other strategic goals, so we're very optimistic."

What has changed since you launched the new strategy?

"When we launched this strategy, we were coming off a backdrop of no headcount growth and big profitability increases. The shift was to grow headcount while still driving profitability. We've managed to grow both: 12% profitability growth and comparable revenue growth since we launched the strategy."

Did you get much pushback from partners, given how much focus there was on headcount growth?

"There was some at the outset. Some partners didn't see how you could grow headcount without diluting profitability. This was a legitimate concern, but now that we've had the results we've had, I'm not hearing it anymore."

What has driven your growth?

"A number of factors. In terms of external conditions, there's been a strong market in the US, but the counter has been a weak pound and euro, and Asia is always tough. We've grown the partnership a lot and that has produced more revenue. We've also moved to larger, more global client relationships and that too has helped drive revenue."

You set very specific targets for New York and London when you set out the strategy – what progress have you made?

"We're aiming for over 500 lawyers in each office by 2020. New York is already close to 500 lawyers – and we've grown our US lawyer count by a third in two and a half years.

"Since the beginning of 2015, London lawyer count has only grown by 2%, but our partnership has grown by 26% there and revenue has grown by 31%. Our partner to associate ratio has shrunk slightly; we've faced uncertainty around Brexit and we are reacting to changing client demands.

"We've always said we're not chasing growth for growth's sake. We're not going to go for 500 come hell or high water, and we shouldn't. That said, the substantial partner growth we've already made will catapult the rest of it – I'm still confident we'll get there by 2020."

Why have lawyer numbers reduced as a proportion?                                                    

"We've just not been replacing people in London at the same pace we did before. That is a deliberate move – reacting to client demand for more partner-led advice and less routine advice being done by firms like ours."

Which areas are you still hoping to invest in?

"Growth over the next couple of years will be at both partner and associate level in many areas, but in particular we're investing heavily in M&A, capital markets and disputes. We're also still focused on growth in four industry sectors – private equity, technology, oil and gas, and financial institutions. So far, we've seen 20% revenue growth in these four sectors, which has outpaced overall revenue growth over the same period. In London, we're also specifically focused on disputes and private equity."

Your strategy also looked at other areas such as people and flexible working – how's that going?

"The focus on people is around greater engagement. We rolled out the 'great place to work' idea for each office and we really think of our new New York office as an example – people love it. We didn't do New York in isolation; we've already done six or so office upgrades and there are several more to come.

"We've also changed our recruitment to move away from an office or national approach to a global approach. We're a global brand and we want globally-minded lawyers – not someone who just wants to be a star in their own market, for example – and it's really improved the appetite to join us, particularly in the US."

Have you made changes that were not part of the initial strategy?

"One of the things that wasn't part of our initial articulation is feedback. We want to create a feedback culture all around the world, factoring it even into compensation decisions so everyone takes the process and the feedback seriously. It relates to our promise – if people want to grow and learn here, then we need to be giving good feedback.

"Some argue that if you have an annual appraisal it can inhibit you from talking about things that need addressing now, but, on the other side, others like the backstop of forcing the conversation. We don't want to abolish the annual appraisal, but we want to strengthen immediate feedback across the whole firm – partners, associates and business services."

How about adding resource in non-legal areas – is that something you've looked at?

"As you execute your strategy you begin to get insights into missing pieces and capabilities, and one of them has been legal project management. As we do more and more fixed-fee work, we think more about how to manage that work effectively for clients and ourselves. That's led us to legal project management, and so we've been growing that capability. There's a hunger for it from clients and it reflects the shift towards large annual fee arrangements. Lawyers can be project managers but they're no substitute for people who are really focused on it. We're also focused on improving the way we price our services."

How do you think firms need to change their offering in the face of more demanding clients and greater cost pressure?

"In the big picture, law firms have to be focused on how to add the most value to their clients. Doing that in combination with other service providers makes sense – particularly as more and more of what law firms traditionally do is now being done by others – by technology, legal process outsourcers, accountants etc. I'm concerned by these new entrants, but we are watching and learning, and we'll see how these offerings develop."

Where do you go next?

"We've opened seven offices since we announced the strategy, including Houston and Boston in the US; three in Asia-Pacific – Seoul, Sydney and Melbourne; and two in EMEA – Cairo and Tashkent.

"We'd like to grow more in the US and open more offices there. But it's all about the people – strategy can't work without the right people."

Will you be revising your targets for London or the US?

"Our original targets have not changed. We just took a deep look at how we're doing on the goals and whether they're still the right targets, and we think they are. So we're not setting new targets; we will try to exceed the existing ones.

"What's most important is not the numbers, but what we want to achieve with growth. We want to be a market leader in both New York and London. And we're going to keep paddling until we surpass the magic circle in London. We have the energy and momentum, and things are going very well."

How do you think UK firms will do in the longer term?

"The growth of US firms and currency weakness have increased the imperative for UK firms to be in the US to complete their global buildout. It looks increasingly difficult for them."

Your term is up next year – will you stand again?

"I enjoy the job – it's exciting to see things going the right way and the positive energy that comes with it. I'd certainly consider standing for another term if my partners are supportive."

…and you combine it with getting involved in projects such as opening a law school in Bhutan?

"It's one of the things I'm most proud of. I had the privilege to meet with the Dalai Lama last year and we spoke about how Buddhism and the law can be reconciled: Bhutan's law school is a great example of that. It's also a great example of how law firms can be a force for good."