Annual Review

What's inside

Highlights of our work, insights, achievements, programs and initiatives in a year that saw growing global divisions

A message from our Chair

2023 was a year of change for White & Case, as I stepped into the role of Chair and my predecessor, Hugh Verrier, completed his successful 16-year tenure. The Firm began a new chapter well positioned for continued growth. This review highlights many of the achievements and pioneering initiatives that took place throughout the year.

As the world became increasingly fragmented, we focused on the global connections that matter to our clients. We collaborated across borders, providing integrated services and maintaining the strong personal and professional bonds that make a difference, particularly in uncertain times.

Our work on high-stakes deals, disputes and pro bono matters placed us at the center of industry trends related to energy transition, finance, technology and more. We contributed to the conversation on these issues, publishing insights that included a comprehensive report on the future of globalization. Our report, A world of clubs and fences: Changing regulation and the remaking of globalization, puts forward a new conceptual model to understand cross-border interconnectedness in a time of sweeping legal and regulatory changes.

We also increased our ability to serve clients, promoting 46 new partners and welcoming 36 lateral partners. We continued to find innovative solutions that enhance client services and foster efficiency. And as generative AI continues to make headlines, we developed tools that will enable us to embrace its possibilities, while carefully managing its risks.

Looking ahead, White & Case enters its next phase with a solid foundation and an ambitious growth plan that will keep us at the forefront of the rapidly changing legal industry. I look forward to what we and our clients will accomplish together in the coming years.

Heather K. McDevitt, Chair


Guest speakers at Firm events share views on timely topics

Business sets the pace in a global order marked by risk and fragmentation

As governments grapple with regulation and national security priorities, the private sector has stepped into the breach

Staircases on the facade of a building.
© Anzeletti / GettyImages

Challenging assumptions and setting boundaries to fight career burnout

Our learned behavior and ideas about work may keep us from operating at our best

Workers leaving the office at night in the United Arab Emirates.
© Olaser / GettyImages

Electric vehicle batteries hold center stage in the energy transition

By uniting industry participants who may seem to have divergent interests, the Global Battery Alliance is paving the way for a sustainable battery supply chain 

A close-up image of a lithium battery pack and power connectors in an electric vehicle.
© Kynny / GettyImages

Energy transition forged ahead in a complex world

The war in Ukraine and high energy prices challenged energy transition timetables, but governments and investors were determined to stay the course

Bird’s-eye view of three solar panels floating in a dam, providing a source of renewable energy. There are a couple of people riding a jet ski between the two solar panels on the left side and the one on the right.
© Songphol Thesakit / GettyImages

M&A and debt markets feel the chill

M&A and debt market activity declined in 2023, as high interest rates and macroeconomic dislocation saw increasingly cautious dealmakers and lenders put deployment on hold

A close-up image of a building in Russia with an abstract pattern of triangular-shaped polished metal panels.
© Afonkiin Yuriy / GettyImages

Generative AI boosted the technology sector in a challenging year

Growth and investment in generative artificial intelligence (GenAI) lifted the technology sector after a slowdown in transaction activity throughout 2023, but regulatory challenges loomed large

A blurry male figure walks through colorful strips of bright, sparkling lights. The lights cascade from the ceiling to the floor.
© Baona / GettyImages

Remaking globalization: A new world order

The relatively free cross-border flow of goods, capital, information and people that have characterized globalization for decades is being replaced by regulatory "clubs" and "fences"

Three colorful windows on a building in Romania that was designed using geometric patterns, with an opening in each windowpane. The windows are located one behind the other.
© Bogdan Caraman / Getty Images


Highlights of our work in 2023

Our growth and accolades

Our achievements position us for success

Our annual revenue


US$2.95 billion in revenue

Our lawyers worldwide

2,559 total lawyers




1,220US-qualified lawyers

550English-qualified lawyers

2023 new partners

Meet the talented lawyers who strengthened our Firm in 2023

The Ysalina Bridge over the Cagayan de Oro River in the Philippines is illuminated with a variety of vibrant colors.
© Nathaniel Adam Cruz / GettyImages

2023 awards & rankings

In markets around the world, White & Case earned many of the legal industry’s top accolades

A white suspension staircase enveloped by a dark shadow on an oil storage tank. The shadow is located on the right side and covers about one third of the image.
© James Brey / GettyImages

Our responsible business practices

White & Case is committed to fair and ethical operations that respect the interests of our stakeholders and recognize the importance of protecting our environment. Our Responsible Business Subcommittee leads environmental, social and governance (ESG) and sustainability efforts across our global operations.

As a signatory to the UN Global Compact, we affirm our commitment to doing business responsibly by aligning our operations with the Compact’s ten principles on human rights, labor, the environment and anti-corruption. Our most recent Communication on Progress outlines the steps we are taking to continue to embed these principles into our Firm’s operations.

Our latest Environmental Sustainability Report includes information on our sustainable operations, scope 1, 2 and 3 greenhouse gas emissions data, and our most recent Environmental Management Systems survey. Highlights from 2023 include: 

Launching our new global Sustainable Operations Guidelines, which provide guidance for running our business operations in line with best practices
Sourcing nearly half of our electricity from renewable sources, with a commitment to increasing this annually 
Completing our annual greenhouse gas emissions assessment, Carbon Disclosure Project and EcoVadis submissions 
Maintaining ISO14001 certification in our London office
Continuing to collaborate with the Legal Sustainability Alliance, which helps the legal sector take effective action on environmental issues

Diversity & Inclusion

Committed to advancing diversity and inclusion across the Firm

Our diverse workplace

11 global affinity networks

Our 11 affinity networks foster a sense of community among the Firm’s Black, Asia-Pacific, Latinx/Hispanic, Middle Eastern and North African, minority ethnic and LGBTQ+ lawyers, business services professionals and their allies. Each network sets its own agenda, initiatives and goals, which are specific to the issues it considers most important. Affinity networks create and enhance awareness of these groups within the Firm and its larger culture, drive community and connection across our global offices, and support their members with career and professional development opportunities.

24 local women’s networks

Our 24 local women’s networks are active in 40 offices across the Americas, EMEA and Asia-Pacific. These networks foster professional development and mentoring activities. They also provide a forum for our lawyers and business services professionals to share perspectives and create programs to support and retain our women while fostering and promoting gender equity.


Diversity: The numbers

Women make up:

42% of the Firm’s global management

50% of the Executive Committee

21% of other leadership roles

36% of our 2023 global partner promotions

25% of global Partnership

43% of our lawyers

In the US:

42% of our lawyers self-identify as of color

7% of our lawyers self-identify as LGBTQ+

4% of our lawyers self-identify with disabilities

28% of our partners self-identify as of color

3% of our partners self-identify as LGBTQ+

4% of our partners self-identify with disabilities

In London:

32% of our lawyers self-identify as of color

10% of our lawyers self-identify as LGBTQ+

4% of our lawyers self-identify with disabilities

13% of our partners self-identify as of color

5% of our partners self-identify as LGBTQ+

2% of our partners self-identify with disabilities



92languages spoken


Our commitment to diversity and inclusion is recognized by leading publications and alliance organizations

Number 1 Most Diverse Law Firm among top 10 US firms by revenue
(Number 2 among all firms scored) The American Lawyer Diversity Scorecard 2023
Diverse Women Lawyers: International Firm
Euromoney Legal Media Group Women in Business Awards 2023 Americas
Euromoney Legal Media Group Women in Business Awards 2023 Asia-Pacific
Top 75 employer in the UK
Social Mobility Foundation Employer Index 2023
Innovative International Law Firm of the Year
Work-Life Balance International Firm of the Year
United Kingdom Law Firm of the Year
United Emirates Law Firm of the Year 
Euromoney Legal Media Group Women in Business Awards 2023 EMEA
2023 Mansfield Certification
(Mansfield-certified since the program’s inception in 2018)
90% rating on commitment to LGBTQ+ workplace equality
Human Rights Campaign’s Corporate Equality Index 2023 – 2024

First post-pandemic Middle East Women’s Conference features candid conversations

White & Case women gather to build connections and advance career opportunities

© White & Case

Collaborating with clients around the world


world map

6 continents



In 2023 we advised clients from 
on matters in 


An internal guide addresses 20 areas of legislation in four Asia-Pacific countries

An internal guide addresses 20 areas of legislation in four Asia-Pacific countries

Silhouettes of individuals walking past an LED-lit façade of a building in Hong Kong, China, showcasing vibrant colors that constantly change. There are also two people talking in front of the building.
© Esch Collection / GettyImages

White & Case embraces GenAI—with care

A transformative technology enables new ways of working

A sparkling, wavy motif created from three-dimensional glass. The waves are thin and form loops throughout the motif.
© Shulz / GettyImages

Photo by © ASF - Architect Simone Forconi
iBridge, an interactive pedestrian bridge submitted for a design competition. Sensors on the floor of the bridge allow it to transform pedestrian and cycling traffic into usable energy. 

Capital Markets

Capital Markets


4 min read

JBS US$2.5 billion dual-tranche notes offering
We advised JBS USA Lux S.A., JBS USA Food Company and JBS Luxembourg S.à r.l., as issuers, on their dual-tranche offering of US$1.6 billion of 6.750% senior notes due 2034 and US$900 million of 7.250% of senior notes due 2053. Each of the issuers is a wholly owned subsidiary of JBS SA, the largest protein company in the world.
GPA spin-off of Almacenes Éxito
We advised Brazil-based food retailer GPA on the spin-off of its subsidiary Almacenes Éxito, South America's sixth-largest food retailer. The spin-off involved the distribution of 83.26 percent of Éxito's issued and outstanding common shares in the form of American depositary shares and Brazilian depositary receipts.
Vistra US$1.75 billion notes offering
We advised Citigroup Global Markets Inc., as representative of the initial purchasers, on concurrent senior notes offerings by Texas-based Vistra Operating Company LLC, a wholly owned subsidiary of Vistra Corp., a Fortune 500 retail electricity and power generation company, totaling US$1.75 billion. Vistra intends to use the net proceeds for, among other things, funding the cash component of its acquisition of Energy Harbor Corp.
FEFA gender bonds
We represented Fondo Especial para Financiamientos Agropecuarios (FEFA), a Mexican government development trust dedicated to granting financing to the agriculture sector, in the issuance of long-term bonds (certificados bursátiles) totaling MXN 5.2 billion (approximately US$307 million) in two tranches under its program as a frequent issuer. One of the tranches was FEFA's first gender bonds, which are focused on microcredits for women, under FEFA's new sustainable bonds framework.
Largest Saudi IPO in 2023
We advised EFG Hermes, Goldman Sachs, J.P. Morgan, SNBC, Al Rajhi Capital, HSBC, GIB Capital and Saudi Fransi Capital in their roles as joint financial advisors, joint bookrunners, underwriters and lead manager on the US$1.2 billion IPO of ADES Holding on the Saudi Stock Exchange (Tadawul), the largest IPO in Saudi Arabia for 2023 at the time of listing.
Siemens Energy €1.5 billion green bonds issuance
We advised a syndicate of banks on the first issuances of dual-tranche green bonds issued by Siemens Energy Finance. The bonds amounted to €1.5 billion and will be used to finance future green projects in line with the Green Bond Framework of Siemens Energy.
Largest-ever Omani IPO
We advised OQ Gas Networks SAOG (OQGN), as issuer, on its IPO on the Muscat Stock Exchange, which involved the sale by OQ SAOC (OQ) directly and indirectly through Oman Energy Trading Company Limited and Oman Oil Services Limited of 49 percent of OQGN. The offering's total value was approximately US$750 million, and OQGN's market capitalization at the start of trading was approximately US$1.6 billion—making it the largest IPO in Oman's history.
Société Générale-Forge launch of EUR CoinVertible
We advised Société Générale-Forge, a regulated subsidiary of the Société Générale group dedicated to digital assets, on the launch of EUR CoinVertible, a digital asset developed and administered to maintain a stable value (stablecoin). It is the first-ever euro stablecoin launched by a regulated player on a public blockchain.
Libreville beach

Republic of Gabon pioneering debt-for-nature conversion

We advised the Republic of Gabon on its pioneering debt-for-nature conversion, the first transaction of its kind in Africa. The conversion comprises Gabon's inaugural US$500 million Blue Loan and the concurrent tender offer of a portion of its outstanding notes. The conversion allowed Gabon to refinance more than US$442 million of its notes and generate US$125 million in new funding for ocean conservation projects in Gabon.

FIVE's debut green notes issuance
We advised FIVE Holdings (BVI) Limited, a vertically integrated hospitality group operating luxury hotels in Dubai and Switzerland, on its debut bond offering of US$350 million green notes. The notes were offered pursuant to Rule 144A/Regulation S and are listed on Nasdaq Dubai and the International Securities Market.
Harita Nickel US$672 million IPO
We represented the issuer, PT Trimegah Bangun Persada Tbk (Harita Nickel), in its approximately IDR 10 trillion (US$672 million) IPO on the Indonesian Stock Exchange, which included a Rule 144A/3(c)(7)/Regulation S offshore tranche.
R R Kabel IPO
We advised the bookrunning lead managers on the US$235 million IPO of R R Kabel Limited, an Indian wire and cable supplier backed by TPG Asia VII SF Pte. Ltd., on India's Bombay Stock Exchange and National Stock Exchange.
First African panda bond issuance
We advised the guarantors on the debut issuance of RMB 3.5 billion (approximately US$500 million) panda bonds by the Arab Republic of Egypt, unconditionally and irrevocably guaranteed by the Asian Infrastructure Investment Bank (AIIB) and the African Development Bank (AfDB). Among other firsts, this deal is the first African panda bond issuance and the first bond issuance jointly guaranteed by two multilateral development institutions in the Chinese bond market.
LSF repurchase transaction
We advised the Liquidity and Sustainability Facility (LSF) Designated Activity Company ("the Company") on a repurchase transaction between the Company, the Abu Dhabi Investment Authority and the African Export-Import Bank on The Bank of New York Mellon's Triparty Platform. This transaction is the second under the Company's program, which aims to increase the liquidity of African sovereign Eurobonds and incentivize investments related to the United Nations Sustainable Development Goals, such as Green, Social and Sustainability bonds in Africa.