Legal Business

Deals Yearbook 2022: Hyder Jumabhoy, White & Case – partner since 2019

Deals Yearbook 2022: Hyder Jumabhoy, White & Case – partner since 2019

What has been your deal highlight over the last 12 months and why?
2021 was a monumental year for White & Case’s EMEA financial services M&A practice, and for me personally. In 2021, our London M&A team advised on > $25bn of financial services M&A deals and I advised on my 65th financial services M&A matter. My highlights included representing The Co-operative Bank on its £3.2bn bank balance sheet re-calibration exercise and representing Nordic open banking platform provider Tink, on its €1.7bn sale to Visa.

Legal Business

Rocketing revenues at White & Case as London sees another double-digit boost

Rocketing revenues at White & Case as London sees another double-digit boost

Ensuring that last year’s striking financial performance was no fluke, White & Case has unveiled another set of enviable results as 2021 global revenue jumped 20% from $2.4bn to $2.87bn.

London partner and executive committee member Oliver Brettle (pictured) told Legal Business that the firm’s global revenues had grown by 76% in five years, and that the latest increase marked White & Case’s largest annual jump in 25 years.

In London, the firm has maintained a similarly electric pace with turnover increasing 12% from $397m to $445m, although this is slower than the 18% growth rate recorded in the City last year. Brettle pointed to an impressive 53% boost in London turnover since 2016, and a strong recent track record of City recruitment. Last year, White & Case hired Allen & Overy litigation veteran Lawson Caisley, and in December added M&A heavyweight David Lewis from Clifford Chance.

And in terms of London work highlights, White & Case has joined many firms in riding an M&A wave in the past year, acting for Avast on its $9.2bn merger with NortonLifeLock in August. In another standout mandate, the firm assisted Hertz Global Holdings on a successful financial restructuring, providing a full $19bn payout in debt and claims while returning more than $1bn in value to shareholders.

The results made for good reading all round for White & Case, as the firm’s profit per equity partner (PEP) grew 17% from $3m to $3.5m, marginally bettering last year’s 16% increase and was coupled by a modest 6% swell in equity partner numbers from 342 to 363. Overall lawyer numbers grew by a larger margin, 9% from 2257 to 2464, meaning revenue per lawyer climbed by 10% from just over $1m to $1.165m.

It was a bumper year for White & Case in Asia, with revenues climbing by an impressive 30%. The Americas was similarly successful at 23%, while EMEA grew 15%. Brettle hailed this global influence on the firm’s results: ‘Each region has been incredibly strong; we are a truly global firm. In our last set of partner promotions, 64% were non-US-based, which really underlines the point.’

And on the people front, the firm also boasted an impressive record from its last set of global partner promotions, with 50% of those elevated in London being women, and 24% of those from the US and UK self-identifying as from an ethnic minority.

Legal Business

‘My race in big law has been run’: White & Case private equity veteran Bagshaw to depart this summer

‘My race in big law has been run’: White & Case private equity veteran Bagshaw to depart this summer

White & Case’s high-profile private equity head Ian Bagshaw is set to leave the firm in June to pursue other opportunities outside of law.

The White & Case partnership was informed of Bagshaw’s departure in an internal announcement this morning (16 April). In a LinkedIn post published today, Bagshaw said: ‘After seven years at each of Eversheds, Clifford Chance, Linklaters and White & Case, I have decided that my race in big law has now been run.‘I have really enjoyed it all and in many ways I feel I have been completely spoiled career wise working with some of the most talented clients, as well as partners and associates that PE and law has to offer. I also leave behind a very capable PE team at W&C who I am very proud of and who have, and will, continue to make a real contribution to the firm’s success going forwards.

‘However, I hit 50 late last year and have spent the last part of lockdown wondering whether I could do something different in a post-pandemic world. I don’t think that I am alone in (re)discovering what’s important to me around work, family, charity and friends.

‘What my next step is, I don’t yet know. It’s quite daunting after being a lawyer for 25 years 24/7, but I am actually looking forward to slowing down, going offline and taking a digital detox to work this out.’

A White & Case spokesperson said: ‘We can confirm that Ian Bagshaw is leaving White & Case effective 30 June. We wish him well in the future.’

A self-confessed ‘Marmite’ character, Bagshaw’s step away from a successful PE practice comes four years after the departure of his respected co-head Richard Youle to Skadden. The move split the long-running and successful pairing, who had known each other since Youle was Bagshaw’s trainee at Eversheds in the 1990s. It was announced in 2013 that Youle would be joining White & Case with Bagshaw from Linklaters, where the pair had to build the Magic Circle firm’s private equity practice almost from scratch after the departure of Graham White and Raymond McKeeve in 2007.

They were then both named co-heads of PE at White & Case in 2015 and have been central to a strong run of form for the City office of the US firm. Two years after their arrival, the private equity group in London was already pulling in close to the £40m that the Linklaters team had been generating under their leadership.

Bagshaw’s departure will surely be counted as a loss for the firm, with insiders having credited White & Case’s rapid ascension over the past several years in part to his leadership of the private equity practice. His arrival coincided with the firm adding a raft of lucrative clients to its book, such as Mid Europa Partners, Global Infrastructure Partners, Triton Partners, Novator Partners, CVC Capital Partners, Rhône Capital, Bridgepoint and Arle.

In a 2018 Legal Business feature on White & Case’s meteoric growth, one ex-partner said: ‘The big breakthrough has been the PE practice. The firm had hardly added anyone in corporate, it had been weak. The turning point was when it started to build a proper corporate practice. Bagshaw and Youle transformed it.’  

For more, read ‘Reborn Supremacy, inside the unlikely White & Case revolution’.

For an in-depth review of Bagshaw’s career, see his ‘Life During Law’ interview with Legal Business from 2019.

Legal Business

Rude health: White & Case City revenue soars 18% and PEP cracks $3m to defy Covid

Rude health: White & Case City revenue soars 18% and PEP cracks $3m to defy Covid

White & Case has traversed the pandemic minefield to reveal its strongest City financial results yet, with the London office increasing revenue by 18% in 2020 to $397m from $337m in 2019.

The pacey London showing comes against a backdrop of global success and proved something of a resurgence, given disappointing results in 2019 when City revenue dropped 4% amid subdued global  turnover growth of 7%.

Global turnover increased 9% in 2020 to $2.4bn from $2.18bn in 2019 and profit per equity partner (PEP) broke the $3m mark, a 16% increase on the $2.6m recorded the previous year.

Revenue per lawyer stood at just over $1m, a 7% increase on $991,000 in 2019, even as lawyer headcount grew 2% to 2,257 from 2,204 and the number of equity partners increased 3% from 332 to 342.

Notably, the results mark the successful conclusion of White & Case’s 2020 strategy, which put London and New York at the centre of its ambitions to explicitly expand in core markets.

Indeed, City expansion has been striking, with the number of partners in London growing 37% during the period of the 2020 strategy. There were 89 London partners on 1 January 2016 and 122 partners on 1 January 2021.

London executive partner, Melissa Butler (pictured), told Legal Business: ‘We have seen growth in all practice areas. The entire office has been very busy, the financial restructuring and insolvency and bankruptcy teams particularly, but also capital markets and disputes. The entire London office did well, not just down-cycle practices. We are really proud of what we have accomplished.’

Executive committee member, Oliver Brettle, noted:  ‘It has been a strong year despite the pandemic with everyone getting stuck in and working extremely hard around the globe. Our hires for bankruptcy, restructuring and SPACs [special purpose acquisition companies] work have helped sustain that success.’

Brettle called the London office ‘the strongest office of White & Case globally’, with record revenue, PEP and RPL in the City for 2020.

Butler is nevertheless wise to the ongoing difficulties posed by the pandemic. ‘2020 has been a challenging year on a deeply personal level and it is hard to separate the personal challenges from the professional success. We have prioritised our people and the financial success is the output of that.’

Brettle added that the American practice grew banking, capital markets and litigation by double-digits and that EMEA was strong across the board. Asia Pacific had double-digit revenue growth over 2019. ‘The strength and diversity of our practices and people have helped us as we navigated through with our clients,’ he said.

On the firm’s plans to return to the office post-lockdown, Butler was clear: ‘The wellbeing of our people has always been at the forefront and will continue to guide our decisions. We have proved that we can work really well remotely and really well in the office. While we are keen to get back to the office, we will only be transitioning back when it is safe to do so.’

Brettle ended on a bullish note, highlighting positive stats on gender diversity. ‘We promoted 40 partners globally, of which 38% were women and 42% of partner promotions in the US were women. Two thirds of the new partners in London were women. There has been a continued promotion of women in the partnership and that is very important to the future of our global strategy.’

Legal Business

White & Case reverts to London in 40-strong global partner promotions round 

White & Case reverts to London in 40-strong global partner promotions round 

White & Case has refocused on the City in its latest partnership promotion round, after largely overlooking London last year in an uncharacteristic move for the firm.

The firm announced today (9 October) that as of January 2021 nine lawyers in the City will be minted as part of a wider 40-strong promotion round. The London figure is a marked increase on last year, when just three lawyers received the nod in the City with other jurisdictions prioritised. 

‘What really matters is the long-term figure, and we continue to grow and build in London,’ executive committee member Oliver Brettle (pictured) told Legal Business. ‘Our aim is always to continue to promote the best to partnership and that is what we have done.’

It was finance and M&A which received the lion’s share of this year’s round in London. Deji Adegoke has been promoted to the firm’s global project development and finance practice alongside Kamran Ahmad; Nicola Chapman has been named partner in global debt finance; Margot Lindsay has been promoted to partner in the firm’s M&A practice alongside James Pullen; and Morvyn Radlow will become a partner in the firm’s global financial restructuring and insolvency practice.

In addition, the firm promoted Nicole Vella to its global M&A practice, and Jenna Rennie and Swati Tripathi to its global commercial litigation practice, all in London.

Including the latest cohort, since the start of 2017, White & Case has made up 39 London lawyers to partner and hired 25 strategic lateral partners during the same period. Over the past five years the number of partners in London has increased by nearly 50% from 80 to 118. Elsewhere, 12 new partners were made up in the US, five in Germany, four in Paris, and two in Cairo.

Regarding the firm’s wider hopes for the year, London executive partner Melissa Butler told Legal Business: ‘Obviously there are very choppy waters ahead, the only certainty right now is uncertainty, given the last couple years have been dominated by Brexit and now Covid. We are now trying to close the year and our 2020 strategy in a strong way and leverage that into the future.’

The firm also recently announced its new City legal salaries, which saw increases across the board. First year trainees can now expect a salary of £50,000 rising to £55,000 in their second years, an increase on £48,000 and £53,000 respectively. Meanwhile, the firm’s NQ salary received a significant bump, rising from £105,000 to £130,000. This figure will rise to £137,500 a year after qualification before rising again to £150,000.

Legal Business

Sponsored briefing: A cultural shift – has the fallout from the financial crisis changed corporate culture in financial services or is there still work to be done?

Sponsored briefing: A cultural shift – has the fallout from the financial crisis changed corporate culture in financial services or is there still work to be done?

Zeena Saleh, associate, and Chris Brennan, partner, at White & Case on corporate culture

The concept of corporate culture was the focus of much discussion at the Legal Business Financial Regulatory and Disputes Summit 2020 (the Summit). Since the 2007/08 financial crisis, culture is a concept that has become an increasingly important priority for financial services firms and conduct regulators across the globe. There is no doubt that firms and their senior managers are more aware of the importance of ensuring a good corporate culture throughout their business. However, with more reports of financial and non-financial misconduct within the market, it seems likely that regulators will consider further work needs to be done.

Legal Business

A year of two halves for White & Case as City revenue drops after tricky start to 2019

A year of two halves for White & Case as City revenue drops after tricky start to 2019

White & Case’s City revenue fell almost 4% over the last financial year following a ‘challenging’ start to 2019, while growth in global turnover also slowed.

London revenue last year dropped to $337m from $350m after a blistering 2018 on the back of a dynamic lateral hiring spree.

Global turnover managed to grow 6.6% to $2.18bn, while profit per equity partner (PEP) was up 8.2% to $2.59m, albeit against a drop of 10 equity partners to 332 worldwide. In 2018, global revenues hiked 13.7% to break the $2bn mark as PEP grew 6% to $2.40m.

‘There was general political and economic uncertainty which affected the market,’ White & Case London executive partner Melissa Butler (pictured) told Legal Business. ‘The M&A market and IPO market was down, but most of those challenges were predominantly in the first half of the year.’

Despite the slowdown, the five-year growth track at the firm makes for impressive reading. Since 2015, revenue per lawyer has increased 24%, PEP 29% and overall revenue a striking 43%. The number of lawyers at the firm has increased 15% in the timeframe to 2,204 across 44 locations.

‘The results since 2015 tell you a lot,’ executive committee member Oliver Brettle told Legal Business. ‘These are very significant increases for a firm as large as ours. In London, we’ve had a 47.5% increase in partners which is another significant increase.’

Both Butler and Brettle are sanguine about the year ahead, with 2020 marking the final year in the firm’s much-touted 2020 strategy to go ‘toe-to-toe’ with the Magic Circle. Butler insists the remainder of 2020 will be ‘all hands on deck’ in the City to realise the strategy, coming off the back of White & Case’s strongest ever January.

While more lateral hires are expected in the coming year in the City, unusually White & Case largely overlooked London in its last partnership promotion round, minting only three in London as part of its largest ever round. New York also received fewer new partners, while 14 were promoted in continental Europe.

Legal Business

Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale

Dealwatch: Weil and Mayer Brown scoop leads on Nestlé’s $4bn US ice cream business sale

Weil Gotshal & Manges and Mayer Brown have advised on the sale of Nestlé’s US ice cream business to Froneri for $4bn.

Froneri is an ice cream focused joint venture by Nestlé and PAI Partners created in 2016. The deal means that brands such as Häagen-Dazs, Edy’s, Drumstick and Dreyer’s will join its portfolio which already includes Movenpick, Green & Blacks and Cadbury’s ice cream.

Weil advised Froneri with a team led by London private equity partner Jonathan Wood and Boston private equity partner Matthew Goulding. The team also included London managing partner Michael Francis, head of the firm’s London technology and IP transactions practice Barry Fishley and London banking partner Tom Richards.

Mayer Brown advised Nestle with a team led out of the US by partners David Carpenter, John Boelter and Michelle Gross.

Carpenter told Legal Business: ‘Nestlé has already contributed to the ice cream business in different parts of the world through this joint venture. The buyer is actually 50% owned by Nestlé and so it’s moving the ice cream business into a company that has a private equity partner. It will be focused on ice cream rather than being part of a big conglomerate.’

The transaction is expected to close in the first quarter of 2020.

Meanwhile, Freshfields Bruckhaus Deringer advised private equity firm CVC Capital Partners on the acquisition of a stake in WebPros Group by CVC Fund VII from Oakley Capital Private Equity and other investors.

WebPros is a web hosting automation software provider for server management and includes web hosting platforms cPanel and Plesk and web hosting management and billing software WHMCS.

The Freshfields team was led by global co-head of financial sponsors Charles Hayes, co-head of European leveraged finance Alex Mitchell and corporate and M&A lawyer Vincent Bergin.

Kirkland & Ellis advised Oakley Capital on the sale led by London corporate partners Rory Mullarkey and Jacob Traff as well as Ben Leyendeckerin Munich.

The deal is expected to close in the first quarter of 2020.

Elsewhere, White & Case advised on the $25.6bn IPO of Saudi Arabian Oil Company (Saudi Aramco), making it the world’s largest IPO. The company began trading on the Saudi Arabian Tadawul Stock Exchange on Wednesday 11 December under TADAWUL: ARAMCO.

The offering included subscriptions from institutions and individuals, comprising of SAR 446bn ($119bn). The Kingdom of Saudi Arabia sold 3bn shares of Saudi Aramco which accounted for 1.5% Saudi Aramco’s share capital.

The White & Case team was led by Dubai partner Sami Al-Louzi and included London partners Inigo Esteve, capital markets partner Alexander Underwood, Ronan O’Reilly and employment compensation and benefits lawyer Jack Gardener. The Law Office of Megren Al-Shaalan also advised Aramco with a team led by Megren Al-Shaalan and Doug Peel and included London capital markets partner Ibrahim Soumrany.

The $1.7trn valuation makes Saudi Aramco the largest company by market capitalisation. Over 400 White & Case lawyers from around 20 offices advised Saudi Aramco on the transaction.

Latham & Watkins advised the underwriters of Saudi Aramco on non-Saudi law matters. The team was led by New York partners Marc Jaffe and Ian Schuman and included London partner Craig Nethercott. London partners James Inness and Jeremy Green offered advice on corporate matters, Chirag Sanghrajka advised on finance, Rob Moulton advised on regulatory matters while Karl Mah advised on tax.

Prior to the listing, the largest IPO spot was held by Alibaba Group Holding Limited which listed in September 2014 on the New York Stock Exchange (NYSE) for $21.8bn.

Finally, Cleary Gottlieb Steen & Hamilton advised Qatar Investment Authority (QIA) on the $450m acquisition of a 25.1% stake in Adani Electricity Mumbai Limited (AEML) from Adani Transmission Limited as well as a shareholder subordinated debt investment by QIA in AEML.

AEML is part of Adani Group, an integrated business conglomerate based in India which includes six publicly traded companies, focusing on resources, logistics, energy and agriculture.

The Cleary team was led by London partners Tihir Sarkar and Nallini Puri.

Puri told Legal Business: ‘QIA is a very big investor to be partnering with. The Adani Group is a big group with lots of diversified interests and historically they’ve engaged in a lot of acquisitions, particularly within India. India’s done less with foreign investors. In some ways this is a very significant partnership for them because they’ve tied up with a very high profile investor.’

AEMl was advised by Indian firm Cyril Amarchand Mangaldas led by partners from the Mumbai office.

The deal is expected to close in early 2020 subject to customary conditions and regulatory approval.

Legal Business

Dealwatch: Kirkland and Slaughters lead on £3.1bn Sophos take-private as Fried Frank advises on €11bn Permira final close

Dealwatch: Kirkland and Slaughters lead on £3.1bn Sophos take-private as Fried Frank advises on €11bn Permira final close

Continuing the recent trend for high-value take-private deals, the £3.1bn buyout of UK cybersecurity company Sophos Group Plc has prompted lead mandates for Slaughter and May and Kirkland & Ellis as a transatlantic team from Fried, Frank, Harris, Shriver & Jacobson advised Permira on the €11bn final close of its seventh buyout fund.

Oil & gas deals have also kept City teams busy with White & Case, Freshfields Bruckhaus Deringer and Mayer Brown all fielding teams on lead mandates.

European private equity giant Permira yesterday (16 October) announced it had reached its hard cap on the fund – Permira VII (P7) – with commitments from new and existing investors. Fundraising started in January for the fund, which will invest in the key sectors of technology, consumer, financial services, healthcare, industrial tech and services.

The Fried Frank team was led by corporate partners Richard Ansbacher (Washington, DC) and Kenneth Rosh (New York), and included London corporate partners Sam Wilson, Gregg Beechey and Mark Mifsud, as well as tax partner David Shapiro and executive compensation & ERISA partner Jeffrey Ross in New York.

Kirkland & Ellis advised Surf Buyer Limited, a newly-formed company owned by funds managed by US private equity player Thoma Bravo, on its buyout of the Oxfordshire-based Sophos Group.

The recommended cash acquisition means that Sophos shareholders will be entitled to receive $7.40 in cash per share.

Following the announcement of the buyout on Monday (14 October), Sophos share prices spiked 37% and shares were trading at 571.4 pence. The company listed on the London Stock Exchange in 2015.

The Kirkland team was led by London M&A partners David Holdsworth, David Higgins and David D’Souza and Chicago M&A partners Gerald Nowak, Corey Fox, Bradley Reed and Amelia Davis, as well as Chicago debt finance partners Francesco Penati and Maureen Dixon and London debt finance partners Kirsteen Nicol and Stephen Lucas.

Holdsworth told Legal Business: ‘We have been very active on UK P2Ps in 2019 having acted on Merlin, Inmarsat and EI Group. We expect this trend to continue into 2020.’

Slaughter and May is advising Sophos with a team led by London corporate partners Steve Cooke and Robert Innes and also including competition partner Will Turtle, employment and share schemes partner Phil Linnard and tax partner Gareth Miles.

Innes told Legal Business: ‘I think the share prices steadily going up since spring this year has recovered people’s confidence in the company. The premium they’ve offered is a de-risking of that recovery for shareholders.’

‘We’re seeing quite a lot of private equity money and a return to public-to-private in the last two years. Private equity companies are seeing value in UK stocks. I think there’s also consolidation within the tech sector as well,’ Innes added.

The deal is expected to close in the first quarter of 2020.

Meanwhile, White & Case advised West African oil operator Seplat Petroleum Development Company on its acquisition of Aberdeen-based and London-listed oil and gas company Eland Oil & Gas Plc for £382m. An agreement was reached with Seplat Petroleum on a recommended cash acquisition for its entire share capital.

The White & Case team was led by partners Allan Taylor, Mukund Dhar and Philip Broke.

Taylor told Legal Business: ‘The Eland assets are adjacent to Seplats’ assets in the Niger delta in Nigeria. Seplat is a company that has greater scale with a focus on being a leading independent Nigerian operator. For a number of businesses, the ability to produce assets that operate in a viable scale and picking up small individual assets in a non-strategic manner isn’t viewed as efficient by stakeholders.’

A Mayer Brown team led by corporate and securities partners Kate Ball-Dodd and Rob Hamill advised Eland.

Elsewhere, Freshfields advised Neptune Energy on its acquisition of Edison E&P’s UK and Norwegian producing, development and exploration assets from Energean Oil & Gas. The deal included a conditional agreement of $250m cash with additional cash contingent consideration of up to $30m.

The Freshfields team was led by partners Samuel Newhouse and Graham Watson. The team also advised Neptune Energy on its acquisition of ENGIE E&P in February 2018.

A White & Case team led by London partners Allan Taylor and Richard Jones along with support from partners Peita Menon (London) and Veronica Pinotti (Milan) advised Energean Oil & Gas.

Taylor told Legal Business: ‘The strategy is to focus on being the leading E&P business in the Mediterranean. They’ve identified what they consider as non-core assets and these included the Nordic assets. They are following up on their strategy for the disposal of their non-core assets.’

The firm also advised Energean earlier this year on its acquisition of Edison E&P for $750m. The acquisition is dependent on Energean completing its proposed acquisition of Edison E&P.

Legal Business

White & Case’s City partner promotions drop to three in shift from NYLon focus amid 45-strong round

White & Case’s City partner promotions drop to three in shift from NYLon focus amid 45-strong round

In an unusual move, White & Case has largely overlooked London in its latest partnership promotions as the firm minted only three in the City as part of its largest ever round.

The firm announced today (11 October) that as of January 2020 it will promote 45 of its lawyers to partner, four more than last year, but promotions in the City dropped by ten from 13 in the previous round.

Executive committee member Oliver Brettle (pictured) told Legal Business that the firm was looking at ‘consolidating what we already have’ and ‘making sure we have invested correctly’ after four years that saw ‘substantial numbers of partner promotions and lateral hires’.

Since the start of 2017, White & Case has promoted 30 London lawyers to partner, its London partner headcount growing from 80 at the start of 2015 to 122 at the start of 2019. ‘We are absolutely committed to continue to invest in London,’ said Brettle.

New York promotions also dropped this year, with the firm minting eight compared to ten in 2018, although overall promotions in the US were up by four to 16. As a result, London and the US together welcomed less than half of the new partners (42%) after accounting for 61% of the promotions last year and three quarters of its 31-strong round in 2017.

The real focus for the firm in Europe was its 200-lawyer German practice, with Frankfurt seeing eight lawyers promoted compared to just two last year and Düsseldorf getting one new restructuring partner. In Frankfurt four lawyers were promoted in M&A, two in banking, one in litigation and one in capital markets.

Brettle said: ‘We have seen an uptick in business activity in Germany, we have a very strong and growing practice in Frankfurt and we thought it was appropriate to invest in new talent. Is this directly Brexit-related? No. But is it entirely Brexit-unrelated? Also no.’

In total the firm promoted 14 lawyers in continental Europe, with Brussels seeing two added to its partnership, while Paris, Prague and Stockholm got one each. In Asia-Pacific, Singapore and Tokyo saw two promotions each, Hong Kong one.

In the City, Charbel Abou Charaf was promoted in the M&A practice, Jonathan Brierley in arbitration and Anneka Randhawa in white collar. Globally the firm’s M&A practice saw 19 promoted.

The new partners include 17 women, making up 38% of the total intake.

White & Case’s largest-ever promotion round comes after the firm broke the $2bn revenue mark after increasing turnover 14% in 2018, while profit per equity partner rose 6% to $2.4m.

Its City office grew turnover 7% to $350m, the third highest grossing London outpost of any US-bred firm after Kirkland & Ellis and Latham & Watkins at an estimated $380m and $375m respectively.

White & Case promotion round is once again dwarfed by Kirkland’s record 141-strong cohort announced last week, which includes 16 new partners in the City.

For more on White & Case’s unlikely revolution, see ‘Reborn Supremacy’ (£)