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White & Case’s canny African move could prove a catalyst

I disagree with 3:28 but not entirely. And 10:47 doesn't have it quite right either. W&C has always been a Tier 2 (at best) firm that wants to break into the top bracket. It has tried this by becoming a key player in emerging markets - in Eastern Europe and Brazil, there certainly isn't anyone asking "White Who" at all. But once there, the firm doesn't do anything to enhance its position. So the problem that W&C has had is its inability to actually do anything from its emerging markets strategies. Rather than cement its efforts into anything like a profit center, W&C tends to take what it can from these markets without properly exploit them. Historically speaking, it's how the Dutch colonized v how the English did - and look who had the longer-lasting empire. This is why firms such as Simpson or Skadden can suddenly walk into, say, Brazil and poof! - within a short time become suddenly relevant in that market, while W&C slides into also-ran status. Perhaps that's a bit harsh and overgeneralized but the fact remains that the firm tends to give up competitive advantage. Going into Africa? Good, there's loads of money to be made there, particularly for a top project-finance firm like W&C. But doubtless what will happen is that the firm will do the grunt work, lay down tracks... and then other NY firms will come in and take advantage of the goodwill and establish positions.

15-Apr-2009

6:50 pm