White & Case sees small drops in turnover and PEP
White & Case has reported declines in both global revenue and average profit per equity partner (PEP) for the 2010 calendar year.
Hugh Verrier
Turnover was down 2.2 per cent to $1.28bn (£790m) while PEP fell 2.4 per cent to $1.6m. Revenue per lawyer was up 2.1 per cent to $705,500.
White & Case chairman Hugh Verrier said: “In 2010 more than 39 per cent of our global revenues were in currency other than US dollars. When you factor in foreign exchange movement in 2010 versus 2009 our revenues were flat.”
He added: “We’re satisfied with what we consider to be a good result for 2010 and are pleased with the progress we’re making toward our global strategy. This was a year of substantial investment for our firm.
“We continue to invest in building our business in key practices and across hubs, including London and New York, while adding capacity in emerging markets. We’re containing our costs effectively, as we and our clients manage through a protractedly challenging economic environment.”
The firm has not released figures for its City office, but London executive partner Oliver Brettle said: “2010 was a year of substantial investment for the firm. We added 61 partners globally - with 11 new partners in London. I’m confident that in 2011 this strategic building out of our partner base will deliver the desired results for us and our clients.
“The London 2010 results tracked the firm’s results. The foreign exchange points made by Hugh Verrier were even more pronounced here, given the high proportion of non-dollar revenues in London. Our PEP in London was strong but, as a global law firm, the figure which matters is the global PEP.”
