White & Case‘s most recent limited liability partnership (LLP) accounts filed at Companies House show turnover at its UK and Africa offices increased 12% in the financial year ending December 2014.
Overall turnover at the offices grew from £137m to £154m – a significant rise from last year when revenues dropped 2% at the end of 2013. Operating profit at the offices also improved from a 7% decline last year (from £56.4m in 2012 down to £52.5m in 2013), rising a robust 14% to just under £60m.
A further breakdown in the filings revealed significant increases in turnover in both the UK and Africa offices individually. While the UK saw revenues lift a solid 12% from £136m to £152m, Africa’s figures were more impressive, with a 126% rise from £842,000 in 2013 to £1.9m last year.
The numbers show a complete turnaround from last year’s figures which in the UK were down by 1.8% from £138.6m in 2012, while accounted activities in Africa dived 35% from £1.3m.
While staff costs fell 4% in 2013, last year this spend increased by 8% from £449m to £53m. This came following a rise in staff members (excluding partners), with staff headcount growing 14% overall from 421 to 479, of which there was an 18% rise in fee-earners to 289 from 245. Wages and salaries for this group subsequently rose by £2m to £44m.
In 2014, the firm added seven members to its partnership, and while the firm does not disclose the average member remuneration in the filings, the global firm’s average profit per equity partner stood at £2m in 2014. Financial results earlier this year showed White & Case’s global revenues were up 4% to $1.5m, rising an impressive 15% since 2010.
The firm’s London office last month prepared to meet the next wave of regulatory and enforcement investigation work as it launched its first City white collar practice with the hire of white collar and securities litigation partner Jonathan Pickworth from Dechert.
jaishree.kalia@legalease.co.uk
