The Am Law 100, the Early Numbers: White & Case Sees Profits, Revenue Rise Again
Last year was another solid one for White & Case in all key financial categories, with profits per equity partner climbing 10 percent, to $1.87 million, and gross revenue increasing roughly 4 percent, to $1.44 billion, according to The American Lawyer's reporting.
The firm managed to keep revenue growth in line with what it saw in 2012 and record its second straight double-digit jump in profits while keeping head count essentially flat, chairman Hugh Verrier says. The equity partnership dipped 1.8 percent, from 278 attorneys in 2012 to 273 last year, while the nonequity ranks expanded 6.2 percent, from 145 lawyers to 154.
Verrier says last year's strong performance is a testament to what he describes as the continuing "investment" White & Case has made in its partnership from both inside and outside the firm. "I'm pleased with our investments over the last few years," he says, "and with the strides we're taking for the longer term."
Since January 2011, White & Case has added 27 capital markets partners, 37 disputes partners and 54 M&A partners, either through internal promotion or lateral hiring. Last year's trophy hires included four French capital markets and two British private equity partners from Linklaters, as well as the head of Latham & Watkins' Spanish corporate practice.
Verrier says the French and Spanish hires rounded out a strong pan-European capital markets offering, and the new Madrid office, launched by Latham lateral Juan Manuel de Remedios, plugged a long-standing gap in White & Case's global network. The firm also opened a second Kazakh office in Astana last year, and forged a strategic alliance in Indonesia.
The offices that delivered the most robust results in 2013, according to Verrier, were those in New York, Washington, D.C., and London. The standout practices were disputes, banking and capital markets, with highlights including a major trial win for Toshiba Corporation, an $8 billion loan negotiated on behalf of Chinese Internet giant Alibaba, and a record initial public offering in Thailand for client BTS Group Holdings.
This report is part of The Am Law Daily's early coverage of 2013 financial results of The Am Law 100/200. Final rankings and full results for The Am Law 100 will be published in The American Lawyer's May 2014 issue and on AmericanLawyer.com. The Am Law Second Hundred will be published in the June issue.