2016 Annual Review | White & Case LLP International Law Firm, Global Law Practice

ANNUAL REVIEW
2016

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LETTER from OUR CHAIRMAN

Around the world, 2016 ushered in political and economic uncertainty. With nationalism on the rise, globalism and many of the principles it represents came under attack. White & Case, our clients and other global businesses face new complexities as we seek to grow and to play a constructive role in society.

In 2016, we helped our clients navigate this uncertainty, advising them on complex, cross-border matters in more than 150 countries. The global nature of our business was apparent in our number one rankings for global M&A by deal value in 2016 and as the world’s top international arbitration practice for the second year in a row.

Our strategy to grow in the United States and London was bolstered by 21 new lateral partners and 16 partner promotions in these markets. We opened in Boston and continued our global expansion, with new offices in Cairo and Melbourne.

We maintained our commitment to multiculturalism and diversity. The range of backgrounds and views of our people is a source of strength, for our Firm and our clients. Our track record on diversity was evidenced by our third consecutive number one ranking in The American Lawyer’s 2016 Diversity Scorecard.

Our people continued to make a difference around the world through volunteer and pro bono work. Whether they were fighting for the rights of children affected by lead poisoning in Flint, Michigan or building a global database of laws on genocide prevention, our lawyers contributed 94,000 hours to pro bono matters in 2016.

The future is hard to predict. But one thing is clear—we will hold our course as a truly global law firm, working together to deliver our best work for our clients, ensuring our workplace is diverse and inclusive, and making a positive impact in the communities where we live and work.

— Hugh Verrier

MAPPING the FUTURE

Conventional approaches stall in the face of global
uncertainty. Here, speakers from White & Case’s
2016 events—all leaders in their fields—offer their
insights on navigating the road ahead.

THE POPULIST BACKLASH AGAINST GLOBALIZATION CAN BE CONTAINED

by Nouriel Roubini

A rising populist backlash against globalization took many forms in 2016, posing a threat to large multinational corporations, financial institutions and exporting businesses in advanced economies. But the backlash can be contained with appropriate public policies that will maintain open markets and technological innovation, says global economist Nouriel Roubini, CEO of Roubini Macro Associates and Professor of Economics at the Stern School of Business, New York University.

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THE ONLY CERTAINTY IS UNCERTAINTY

by Barbara Ann Cassani

The world has entered a new era of uncertainty, and commentators have cast a negative eye on what 2017 portends. But, as Barbara Ann Cassani, CBE, points out, uncertainty has always been with us. She urges companies to assess their situations, plan for contingencies and look for opportunities in 2017 amidst the lack of clarity. Cassani is an American businesswoman. She was the founder under British Airways of budget airline Go Fly and was the first leader of London’s bid for the 2012 Summer Olympics.

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POSITIONING WOMEN FOR LEADERSHIP

by Katty Kay

Women are making great progress worldwide—in 2016 they occupied leadership positions in countries from Germany to Chile and led global businesses such as General Motors and Yahoo. But huge steps are still needed to erase gender pay disparities and fully integrate women into leadership roles. Katty Kay examines the value of promoting women and overcoming a gender “confidence chasm.” Kay is an English journalist and lead News Presenter of BBC World News America. She was previously the BBC News Washington, DC Correspondent from 2002 until 2011.

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NEW TECHNOLOGY

New technology continuously redraws the legal
and regulatory landscape, churning up unanticipated
challenges—and presenting new opportunities.

REGULATORY TECHNOLOGY RISES to REIN IN HIGH COMPLIANCE COSTS

Regulatory technology—regtech—promises to cure financial institutions’ runaway compliance costs. As with any experimental cure, hopes are high, but institutions must take care not to kill the patient.

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NEW EU DATA PRIVACY RULE SETS DEADLINE for ORGANIZATIONS WORLDWIDE

Organizations face a 2018 deadline for bringing their business operations into compliance with the new EU General Data Protection Regulation—a tight timeline for a deceptively challenging task.

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ROBOTS and AI PROMISE NEW OPPORTUNITIES and NEW LEGAL CHALLENGES

Robots and artificial intelligence (AI) moved further into mainstream consciousness in 2016 with the increased use of drones and the advancement of self-driving cars. Promising new investment opportunities await.

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MERGERS & ACQUISITIONS

M&A activity calmed in the first half of 2016,
returning the market to more sustainable
and familiar activity levels. Now, transformative
opportunities are emerging.

US M&A ACCELERATES into 2017

Despite geopolitical uncertainty, the value of US M&A activity rose significantly in the second half of 2016.

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GOVERNMENTS INTENSIFY NATIONAL SECURITY REVIEWS of FOREIGN INVESTMENTS

The chances that a cross-border transaction will be subject to a national security review are trending upward. Investors now must scrutinize transactions for national security pitfalls.

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M&A MATTERS

We advised on 319 announced deals worldwide in 2016 with a total aggregate value of more than US$665 billion. We were the #1 ranked law firm for global M&A by deal value in 2016.

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BANKING & CAPITAL MARKETS

Banking and capital markets are retraining
their aim on a target still shifting from
regulatory upheaval, recessionary aftershock
and investor caution.

LEGISLATION PUTS EUROPEAN SECURITIZATION on the COMEBACK TRAIL

Hopes are high that a newly negotiated securitization framework, a new Capital Markets Union and investment incentives can restore and revitalize the market for high-quality securitization.

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FOR CHAPTER 11 in SHIPPING, CRAMDOWN IS a BAD PLAY

Securing support from principal creditors makes all the difference between a chapter 11 restructuring that saves a troubled shipping company and one that sinks it.

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EU DIVERTS BANK BAIL-OUT BURDEN onto SHAREHOLDER and CREDITORS

The newly effective Bank Recovery and Resolution Directive shields taxpayers from paying to rescue a failing bank until the bank’s shareholders and creditors have done their part.

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WHEN the BOTTOM LINE IS GLOBAL GOOD

Achieving the Global Goals will require harnessing the power of the private sector.

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BANKING & CAPITAL MARKETS MATTERS

We worked worldwide on a wide range of transactions to help clients raise needed capital and financing in an evolving economic environment.

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DISPUTES

As disputes increase in complexity and reach
worldwide, resolving them successfully
requires new approaches and greater
global coordination.

LOWERING RISKS in an EVOLVING US CLASS ACTION LITIGATION ARENA

US class action lawsuits continue to be a significant litigation risk for both US-based and international companies, whether the claims involve securities, antitrust, consumer or labor laws.

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SELF-REPORTING AIDS CROSS-BORDER ENFORCEMENT of UK BRIBERY ACT

Though a powerful tool, the Section 7 Bribery Act offense can be stymied by the impracticalities of cross-border evidence gathering. The key to overcoming that challenge is self-reporting.

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TRADE POLICY SHIFTS CREATE CHALLENGES and OPPORTUNITIES for CROSS-BORDER BUSINESS

Brexit, new rules governing access to EU markets and a new US president promising major trade policy changes may generate new opportunities for importers and exporters—and new challenges for cross-border trading.

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DISPUTES MATTERS

In venues around the world, we represented clients in a broad variety of arbitrations and disputes, helping them to achieve their business goals and defeat costly claims.

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ENERGY

Energy innovations such as new storage
technologies demand fresh thinking for product
designs, while shifting markets divert investors into
new investment vehicles and strategies.

BOLD THINKING on ENERGY STORAGE PROMISES to BOOST MARKETS

With the potential to spawn new products for both the traditional and renewable energy landscapes, the energy storage revolution is poised to change the rules for global energy markets.

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INFRASTRUCTURE INVESTORS LOOK UPSTREAM and DOWN for OPPORTUNITY

With midstream projects dwindling or failing to pay off, oil and gas investors are turning their attention to more strategic alternatives upstream, and lower-risk projects downstream.

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PE INVESTMENT in OIL AND GAS DIDN'T DIE, IT WENT UPSTREAM

Those who say the predicted rise in oil and gas private equity investments failed to materialize should take a second look upstream, where investors still find—and create—attractive deals.

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PROJECT FINANCE MATTERS

We advised sponsors, governments and lenders on some of the largest and most complex projects in the world.

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WHITE & CASE at a GLANCE

In 2016, we strengthened our
global reach, added key talent and increased
our diversity, positioning White & Case to help
global clients achieve their goals.

OFFICE OPENINGS and ANNIVERSARIES

In 2016, we expanded our global presence with three new offices, while celebrating our continued presence in key cities around the world.

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SEMINARS

In a year characterized by uncertainty, we held a series of seminars in London, Tokyo and New York focusing on the challenges our clients faced.

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AWARDS and RANKINGS

Our work for clients earned external recognition with awards and top rankings worldwide in 2016.

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NEW PARTNERS

In 2016, 30 new partners joined White & Case and 31 Firm lawyers were promoted, resulting in a total of 61 new partners.

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about White & Case

Working on behalf of clients worldwide, we are a truly global law firm with a diverse and inclusive workplace.

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