The City base of White & Case has a reported a 6.5 per cent fall in revenue – down from $197 to $184m – and has said it will not be releasing its profit per equity partner (PEP) figure.
Revenue per lawyer was up 4.6 per cent from $778,000 in 2009 to £814,000 in 2010, but the firm said it will not divulge PEP for London this year, or in the future.
A statement from the firm said: “PEP in London was strong but, as a global law firm, the figure that matters is the global PEP and a specific London figure is not being provided this year or in future.”
The firm also claimed that, in real currency terms, London revenue saw a 3 per cent drop. London executive partner Oliver Brettle said: “Given the bumpy economic situation during 2010, we believe that a 5 per cent revenue swing in either direction for any law firm, especially for a global law firm with an extensive finance and corporate practice, would be an acceptable result.
“With about half of the decline in London revenue due to foreign exchange impact, a 3 per cent decline in London office revenues in real terms is likewise acceptable.”
He added: “The London focus in 2010 was on continuing to improve the utilisation of our lawyers and investing in core practice areas for our clients. I’m pleased on both counts, with a near 5 per cent increase in our revenue per lawyer for London and the substantial build out of our partner and associate base, both through internal promotions and major new hires.”