Total turnover for the 2009 financial year stood at $1.307bn (£820m), an 11 per cent drop on 2008’s $1.467bn. The firm pointed to currency fluctuations across the 36 countries in which it operates as having a material impact on the revenue drop.
“Up to 50 per cent of this reduction was due to currency fluctuations,” said a spokesman.
In contrast, White & Case’s PEP was flat at $1.595m, a marginal rise of 0.3 per cent from 2008’s $1.59m.
“We had a very strong second six months of the year, which helped us post solid results,” said London office head Oliver Brettle (pictured).
The firm’s results announcement coincides with a series of partner departures from White & Case to rival Latham & Watkins.
Last week Latham poached a four-partner team of London bank finance and capital markets partners including Chris Kandel, the former co-head of White & Case’s London bank finance group (29 January 2010).
Yesterday another eight partners, including Craig Nethercott and Glen Ireland in London, resigned to join Latham (1 February 2010).