White & Case posts revenue hike
White & Case posts revenue hike
A New York firm highlights the extent of cross-border activity as the PEP is up by 17percent against a surrounding of record deal markets
For the year 2021, White & Case reported strong financial results, increasing revenue by 20percent to $2.87 billion, while profits per equity partner (PEP) increased by 17percent to $3.514 million.
All three of New York-based firms saw revenue growth of double digits, with the Asia Pacific region posting the steepest growth rate of 30percent, followed by the Americas (23percent) and the EMEA region (15percent).
Despite having 45 offices across 31 countries, the firm's global network of lawyers advised clients based in 115 countries on 196 cases, with cross-border work increasing by 6percent to account for 54 percent.
Several key metrics also indicated that the firm had made a significant investment. Total partners (643) increased by 9.5percent, while the number of equity partners (363) increased by 6percent. The lawyer count rose by 9percent to 2,464. In 2022, 40 new partners were hired. In spite of this expansion, the firm was able to increase it's per lawyer revenue by 10percent, reaching $1.165m.
Oliver Brettle, the managing partner at White & Case in London, said: "Our success is based on a clearly defined strategy that is executed effectively; a shift in the type of clients we work with to advise leading global businesses on their most important and complex cross-border concerns and local lawyers handling matters in each of our three global offices while providing our clients with exceptional service."
Following a strong year in 2020, in which the company recorded 9percent growth in revenue and a 16percent increase in PEP, these results are excellent. According to the results, US law firms posted record deal markets in 2021, which is in line with other early reports by US law firms.
Sidley Austin also ranked in the top 10, saw revenue rise 13.5percent to $2.795 billion while profits rose 20percent to $3.718 million. The top 40 outfit Dechert, meanwhile, reported a 25percent increase in revenue to $1.341 billion and a 49percent increase in PEP to $4.231 million, according to preliminary data provided to Law.com.
The extensive international network of White & Case sets it apart from other US firms. Ten of its offices are located in the Americas, 26 in EMEA and nine in the Asia Pacific. According to the report, 64percent of the class were based outside the United States in what was a record year for partner promotions.
The firm's London office, which has more than 400 lawyers and the third-highest revenue of any US law firm, increased turnover by 12percent to $445m.
Dipen Sabharwal, Office Executive at London, says: "Our London practices ensured success for our clients, generating a significant number of profits - one-sixth of the global total - in another record-breaking year for financial performance." Our UK revenue has grown by 53percent since the start of 2016. The office in London is positioned to continue its track record of success in 2022 and beyond, as it is the result of hard work and dedication of its members."
As on Refinitiv's 2021 global M&A ranking by announced deals, White & Case was ranked fifth, advising on 516 transactions worth $512.8bn. Given the firm's performance at the M&A deal tables, it's not surprising that these two practice areas make up a large part of the firm's strengths.
As well as asset finance, capital markets, project development and finance and technology, it cited these practice areas as high performers.
