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

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© 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. 

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

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


5 min read

The technology sector was buffeted by sliding valuations and declining transaction activity in 2023.

A steep sell-off in growth stocks and a drop in technology IPOs stood in stark contrast to the unprecedented run of technology listings at the peak of the bull market in 2021. Big-ticket corporate technology deals also dried up, with the frenetic pace of private equity investment in software assets slowing, too.

Despite the slide in technology activity, the sector continued to account for an outsized share of M&A and IPO activity, with deal opportunities boosted by a boom in GenAI.

The growth of the AI sector has been so rapid that companies and regulators have scrambled to understand the effects AI will have on employment, security and business models. The application of existing law to AI and the development of new regulatory and legal frameworks for AI have been shifting at pace as a result, with policymakers and business also grappling with ongoing developments in the spheres of data privacy and cybersecurity.

In this new landscape, White & Case worked closely with technology companies and investors to make sense of the transformative change reshaping the technology sector and the impact of that change on the global economy and wider society. These are some of the main themes we observed throughout 2023.

GenAI energizes deal activity

Transaction activity in established technology verticals, such as software, may have slowed last year, but this was counterbalanced by a surge of investment in GenAI, artificial intelligence that is able to use a range of inputs to generate new content such as text, audio or images.

According to Bloomberg Intelligence, the GenAI market, worth US$40 billion at the end of 2022, is forecast to grow to US$1.3 trillion by 2032. This has sparked a flurry of M&A activity, as companies and private capital investors race to build exposure to high-growth GenAI companies.

High-profile deals have included Microsoft investing a reported US$10 billion for a 34.5 percent stake in OpenAI, the developer of ChatGPT, which also received US$300 million from a group of investors including Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global. Other deal highlights included French startup Mistral AI receiving a US$113 million investment just four weeks after launching in Europe's largest-ever seed round and one-year-old chatbot developer Inflection AI landing a US$1.3 billion fundraising backed by Microsoft and Nvidia.

Regulators play catch-up

The unprecedented development and adoption of GenAI caught the attention of regulators across the world. But while they have tried to move quickly to keep up with the speed of the technology, a "common approach" to a regulatory and legal framework for AI has yet to emerge. As a result, courts and regulatory agencies are determining how existing legal and regulatory frameworks apply to AI on a case-by-case basis.

Many researchers, policymakers and tech executives around the world have argued that this technology is global and that an international framework may prove the optimal route to ensure it is implemented safely and that a consensus exists on limitations on AI use cases.

As things stand, however, the regulation of AI appears to be diverging, with countries regulating it in line with their distinctive societal values and legal systems. In China, for example, regulation has been centered on government oversight and involvement in the development of AI, but in the EU, which is in the process of implementing an AI Act, the focus has been on classifying AI models according to levels of perceived risk and prioritizing human rights and privacy.

In the US, meanwhile, President Biden signed an executive order that takes a lighter touch approach to AI regulation, aimed at unlocking the benefits of AI innovation but also ensuring that risks are mitigated through various measures, including mandating the development of federal standards; requiring developers to share results of safety tests; and requiring federal agencies to detect and denote AI made content.

Progress toward uniting approaches to AI oversight came at the end of 2023 at the world’s inaugural AI Safety Summit held at Bletchley Park in the UK. More than 100 global political and business representatives gathered at the summit, where all governments present signed the Bletchley Declaration, recognizing the substantial risks that may arise from the misuse of AI and affirming the importance of global cooperation to mitigate such risks. The declaration was heralded as a big step toward aligning AI safety standards. However, practical and political difficulties in agreeing on global standards make quick adoption unlikely, so businesses should prepare for differing national and regional frameworks, as courts and regulatory agencies apply existing law and new legislation or regulations are adopted.

Cybersecurity and data protection also on the radar

AI hasn’t been the only area in technology where regulators and policymakers have been moving quickly to implement suitable regulation. Regulatory frameworks are also changing rapidly in the areas of cybersecurity and data privacy.

On the cybersecurity front, the US Securities and Exchange Commission (SEC) has proposed new rules that will obligate companies to disclose cybersecurity program practices and policies. The scope of the rules is unprecedented and will require companies to tread a careful path between making disclosures without opening up their organizations to the risk of hacks or cyberattacks.

Data privacy frameworks and legislation have also moved rapidly. In the US, as of December 2023,13 states had passed comprehensive data privacy laws. On the international front, the US and Europe agreed on a revised framework for transfers of personal data between jurisdictions. The agreement provides individuals with safeguards and redress mechanisms that protect transfers of personal data from the EU to US companies and to US government agencies.

Ongoing changes to legislative and regulatory frameworks governing AI, cybersecurity and personal data will remain a key focus for technology investors and companies in the year ahead, as courts, regulators and businesses continue to respond and adapt to the constant acceleration of technology development.

© Baona / GettyImages
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