The New York office of White & Case is being subsidised by payments from the global firm’s international offices, The Lawyer can reveal.
White & Case’s London office is understood to be a major contributor of revenue to the US firm’s headquarters. Most international firms send money to the central office, but partners based at Old Broad Street felt that the several million pounds they paid last year for infrastructure services provided by New York was excessive.
However, London partners are believed to have expressed their unhappiness at what they see as bailing out New York.
One London-based partner said: “Considering 60 per cent of the firm’s total revenue is generated outside the US and 80 per cent of its workforce is outside of the US, a substantial figure goes back to New York for infrastructure services.
It serves certain people very well and keeps New York afloat at the moment.” A former White & Case partner added: “The reality is that New York is definitely significantly down, and without the revenue generated by the international offices it would be in bad shape.”
White & Case did not return calls for comment.