White & Case LLP Profits and Turnover Fall
The firm's operating profit has fallen by nearly 10% following 36% growth the previous year.
August 19, 2019 at 06:01 AM
2 minute read
White & Case's limited liability partnership (LLP) operating profit fell more than 9% last year, its accounts have revealed.
The LLP, which comprises the firm's U.K. and Africa operations, saw profits shrink from £126.6 million to £114.8 million during the last financial year.
Turnover for the arm dropped to £259.4 million down from £264.7 million in the 2017-18 year. Its Africa operation turnover fell by £2.8 million.
The reduced results follow a bumper year in 2017, in which the LLP saw profits and turnover rise by 36% and 16% respectively.
White & Case's overall staff count dropped from 633 to 619, including a fall in fee-earners from 382 to 360. Staff costs dipped marginally as a result, from £73.3 million to £72.5 million.
However the average number of members at the business throughout the year rose from 139 to 148.
White & Case increased its global revenue by nearly 14% last year, to cross the $2bn mark in annual revenues for the first time.
Gross revenue grew $210m in 2018 to $2.05bn, a 13.7% increase from the prior year, according to preliminary ALM reporting. Revenue per lawyer jumped 7.8% to $954,000, while profit per equity partner increased 6.2% to $2.4m.
In May, the firm re-elected chairman Hugh Verrier to serve a fourth consecutive term, beginning in September.
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