White & Case’s City office posted revenue of $328m for 2017, a 13% increase on last year’s $290m figure, while Cooley has reached $57.5m in its third year in London. Globally, Sidley Austin has also posted significant revenue and profit growth for 2017.
2017 global revenues for White & Case also saw a substantial boost, standing at $1.8bn, a 10% increase from $1.63bn last year. Profits per equity partner also leapt 10.2% to $2.26m, a 10% rise on $2.05m last year. The number of total equity partners grew by 7% to 319 from 299 the previous year.
London executive partner Oliver Brettle told Legal Business: ‘These results show significant percentage increases, building on already excellent figures. We’ve successfully achieved quality, strong, sustainable growth in 2017 across the board for the firm’s key practice areas, reflecting our investment across those practices.’
‘The results point to the increasing attractiveness of the firm to clients who want to place significant transactions and matters with White & Case’, Brettle added.
Brettle said that among the London office’s standout matters was the £1bn Alfa Financial Software IPO from May 2017, the $10bn refinancing of Wind Tre in November and the $2.73bn Nacala Corridor project in Africa, which was led out of London.
In January last year, White & Case also advised Harbour Energy, the energy investment vehicle managed by EIG Global Energy Partners, on a deal to lead the $3bn acquisition by Chrysaor of a portfolio of oil and gas assets in the North Sea from Shell UK.
Meanwhile 2017 saw three high-profile London hires for the firm in the form of Clifford Chance’s M&A partner Patrick Sarch, capital markets partner Chris McGarry from Ropes & Gray and antitrust partner Marc Israel from Macfarlanes.
The lateral hiring spree in the City has continued in 2018, including disputes partner Hannah Field-Lowes, who joined on 1 February from Weil, Gotshal & Manges where she was co-head of international dispute resolution. Daniel Turgel joined the firm’s global M&A practice in January from Linklaters and corporate partner Dominic Ross is due shortly to join from Ashurst.
Meanwhile, Cooley’s London outpost recorded an eye-catching 22% revenue growth to $57.5m in its third year of life as the firm’s global turnover passed the $1bn mark.
The Palo Alto-bred firm saw profits per equity partner jump 6% to $2.08m in 2017, while global revenue grew 10% to $1.07bn from $974m and revenue per lawyer hit $1.2m.
Its London outpost grew revenue by almost a quarter on last year’s $47m despite a relatively quiet 2017 on the lateral market, with the firm adding only two London partners.
‘It was a very busy year, we had some very nice matters both in the transactional and litigation space that kept the office really busy, particularly in the second half of the year,’ London managing partner Justin Stock told Legal Business.
The firm’s capital markets practice was particularly active and the firm claims it did more than 50% of UK companies’ listings on Nasdaq in 2017.
US clients generated about 25% of the firm’s London revenue and Stock said the office had made a contribution to a number of US mandates: ‘It is an advantage to have both the UK and US expertise.’
The firm’s UK and US teams worked together on the $1.1bn acquisition of Apollo Education Group by investors including The Vistria Group, which closed in February last year. Stock said its office had also made a contribution on the Snapchat IPO .
The firm’s only European base, Cooley made a dramatic entrance in London in 2015 with a team of 55 lawyers including 20 partners from Edwards Wildman and Morrison & Foerster.
It has since grown its City headcount to 28 partners and 52 other lawyers through a number of headline hires from global rivals. Stock said he aimed at bringing the headcount to over 100 lawyers in 2018 and to 150 in the next three years.
It previously recruited Mayer Brown senior finance partner John Clark and prominent Sullivan & Cromwell litigator Louise Delahunty.
Elsewhere, Sidley Austin has grown both global revenue and PEP for the seventh consecutive year. Global fee income at the US giant rose to $2.04bn, a 6% increase on last year’s $1.93bn.
PEP was up 6% to $2.26m and headcount rose 2% to 1,873 lawyers in a year marked by headline deals such as the recruitment of seven partners from Kirkland & Ellis in Munich last February.