White & Case has posted an 8.5% revenue increase for 2025 to reach $3.6bn, as the firm continues to progress toward its target of $5bn by 2028.
Profit per equity partner (PEP) jumped 10% to $4.4m over the year, while revenue per lawyer (RPL) climbed 6% to $1.4m.
While the picture is broadly positive, growth across all three metrics was slightly slower than last year, when RPL rose 10%, revenue grew 12.5%, and PEP surged 27% to pass the $4m mark for the first time.
‘If you take a five-year look, our progress is clear,’ said vice chair of the firm Oliver Brettle (pictured). ‘Global revenue is up 51%, PEP is up 46% and RPL is up 29%, so we’re hopeful that we’re well on our way to achieving our strategic goal of $5bn.’
In London, the firm achieved record revenue, with turnover in the capital climbing to approximately $584m, an increase of 5.5%. Over five years, the increase stands at $187m, or 47%.
UK growth was driven by similar factors as firmwide, said London office executive partner Inigo Esteve, including private capital – an area that the firm has prioritised, setting up a global private capital industry group last summer, led by New York-based global private equity head Oliver Brahmst, and Emily Brown and Gareth Eagles in London.
Notable deals for the London office in the last year included advising the underwriters on Scotland-headquartered FTSE 100 energy company SSE’s £2bn equity placing, and advising Deliveroo on its acquisition by DoorDash, completed last October for £2.9bn.
Brettle said the firm’s strategy consists of three pillars focusing on key areas of growth: ‘US capabilities, running a strong business through greater financial discipline and modernisation, and building a collaboratively cohesive culture.’
The firm’s global presence is key to its strategy, Brettle explained, with half of its revenue last year coming from cross-border matters. ‘We have 43 offices in 29 countries across six continents. We have that reach, and making sure that we realise the value and the benefit of that whole firm is an incredibly important part of our strategy.’
Yesterday, LB revealed that last year the firm made changes to its performance evaluation criteria. Partners are assessed on financial results, client engagement and collaboration.
Towards the end of March, partners will find out how these updated criteria interact with the firm’s partner credit system – revised in October 2024 – to affect their share of the equity.
Last summer, the firm hired Legal 500 Hall of Fame partner Helen Croke from Ropes & Gray, though prominent PE partner Ross Allardice departed to Latham & Watkins soon after.
White & Case also lost a total of eight energy and infrastructure partners around the world to Paul Hastings since George Kazakov and Din Eshanov left the firm in the spring.
However, towards the end of the year the firm picked up tax duo Arun Birla and Jiten Tank from Paul Hastings, where Birla was a former London head.
