White & Case has posted a double digit rise in profit for the second year running, with average profit per equity partner (PEP) up 10 per cent for 2013.
The double-digit growth, which takes White & Case’s PEP to $1.9m, comes on the back of a 4 per cent increase in global revenue for the financial year, rising from $1.383bn to $1.44bn. It follows a 15 per cent increase in PEP at the close of 2012 (11 February 2013). Revenue per lawyer in 2013 grew by 4.4 per cent to $760,064.
The firm’s London executive partner Oliver Brettle, who described the results as “solid”, said that given the ongoing uncertainty in many of the major markets of the world the firm was “pleased” with a 4 per cent revenue increase.
“A real point for me and for the broader firm is how our various investments we’ve been making over the past few years have paid off,” added Brettle, who pointed to several recent European hires in particular as having borne fruit for the US firm.
The firm, which picked up International Firm of the Year at The Lawyer awards last year, also made a number of hires in London in 2013. Notably these included Linklaters private equity partners Richard Youle and Ian Bagshaw, who resigned to join the London office of White & Case in October (17 October 2013). Brettle said that pair’s arrival had already resulted in several new deals.
During the same month the US-headquartered firm also opened an office in Kazakhstan’s capital Astana, marking its second base in Kazakhstan (1 October 2013).
White & Case retained 79 per cent of its qualifying trainees last autumn, with the London outpost offerering newly-qualified (NQ) positions to 11 of its 14 second-year trainees, and all accepted (25 July 2013).