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White & Case posts bumper profits rise for 2012
New York-based law firm White & Case has blown away bleak reports of meagre profit increases to post a whopping 15 per cent increase in profit per equity partner (PEP) for the 2012 financial year.
New York: good year for White & Case
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While an unwelcoming report last week described 2012 as ‘another year of only modest growth’, The Lawyer newspaper reports that White & Case’s profit leap follows a 4 per cent increase in global revenue from $1.33bn in 2011 to $1.383bn. Revenue per lawyer also rose by 4 per cent, to $728,000, while firm-wide headcount remained flat.
Global strategy
White & Case chairman Hugh Verrier said in a statement: ‘Our 2012 financial performance is the result of the investments we’ve made in the firm, in line with our global strategy. We saw solid results across practices and regions, which comes from our focus on meeting the needs of our clients across markets.’
The report also cites a number of major hires which contributed to the firm’s trend-bucking success. Dewey & LeBoeuf corporate expert Mort Pierce joined as part of an eight-partner group in May, while other hires include real estate partner James Dodsworth – who joined from Mayer Brown last January - and Freehills partner John Tivey who joined in June.
