2023
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

Conversations

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

Impact

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


1,291EMEA

998Americas

271Asia-Pacific


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


Globally:

125nationalities

92languages spoken


Recognition

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

04-achievements-3-4-di-mid-east-960x640.jpg
© White & Case

Collaborating with clients around the world


 

world map

6 continents

44offices

30countries

In 2023 we advised clients from 
128
countries
on matters in 
201
countries

 

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. 

M&A

Mergers & Acquisitions

Article

3 min read

World's leading gold company created
We advised Newmont Corporation on its acquisition of Newcrest Mining Limited by way of an Australian court-approved scheme of arrangement. The transaction created the world's leading gold company.
Azurity Pharmaceuticals acquisition of Slayback Pharma
We advised Azurity Pharmaceuticals, Inc. on its acquisition of Slayback Pharma, LLC from existing investors including global investment firm KKR and Everstone Capital.
CrowdStrike acquisition of Bionic
We advised global cybersecurity company CrowdStrike on its acquisition of Bionic, the pioneer of application security posture management.
Expansion of Brookfield Infrastructure data center JV
We advised global infrastructure company Brookfield Infrastructure on the investment by Reliance Industries Ltd. in Brookfield's joint venture with Digital Realty Ltd. to develop high-quality, highly connected scalable data centers to meet the critical infrastructure needs of enterprises and digital services companies in India. The joint venture will operate under the brand name Digital Connexion: A Brookfield, Jio and Digital Realty Company.
Brookfield Renewable sale of wind and solar projects in Uruguay
We advised Brookfield Renewable, a global operator and developer of renewable power and transition assets, on its sale of two wind farms, the 52 MW Carape I and the 43 MW Carape II, and a solar PV plant, the 26 MW Alto Cielo in Uruguay, to Cubico Sustainable Investments.
Eni €4.9 billion acquisition of Neptune Energy
We advised Eni S.p.A. in connection with its acquisition of Neptune Energy Group Limited, a leading independent exploration and production company with a portfolio of gas-oriented assets and operations in Western Europe, North Africa, Indonesia and Australia, for a total value of €4.9 billion.
Saudi Aramco acquisition of interest in Rongsheng Petrochemical
We advised Saudi Aramco on its US$3.6 billion acquisition of an interest in Shenzhen-listed Rongsheng Petrochemical Company, the majority shareholder in Zhejiang Petroleum and Chemical Co., which owns and operates China's largest single refining and chemicals complex.
radio telescope

EchoStar merger with DISH Network

We advised technology and networking services provider EchoStar Corporation on its entry into a definitive agreement to combine with DISH Network in an all-stock merger at a fixed exchange ratio. The transaction creates a global leader in terrestrial and non-terrestrial wireless connectivity.

Nordic Capital sale of Macrobond
We advised private equity investor Nordic Capital on its sale of Macrobond, a global technology platform providing economic and financial data, to California-based tech investor Francisco Partners.
Georg Fischer €2.1 billion offer for Uponor
We advised Georg Fischer AG, a company offering products and solutions enabling the safe transport of liquids and gases, on its €2.1 billion voluntary recommended public cash tender offer for all the shares in Uponor, a global provider of solutions that move water through cities, buildings and homes.
MidEuropa €1.3 billion sale of Profi
We advised private equity firm MidEuropa on the €1.3 billion sale of Profi Rom Food, a chain of 1,600-plus supermarket and convenience stores in Romania, to Ahold Delhaize, a Dutch-Belgian listed multinational retail and wholesale holding company. It is the largest-ever private equity grocery sale in continental Europe.
US$1.875 billion sale of Botswana copper mine
We advised various investment funds as the sellers of an indirect interest in the Khoemacau copper mine in Botswana to MMG Limited for an enterprise value of US$1.875 billion.
Aareal Bank take-private offer
We advised Goldman Sachs Asset Management's Hybrid Capital team in forming a consortium, alongside Advent, Centerbridge, CPPIB and LGT Group, to launch a take-private offer for Aareal Bank AG, an international specialist property financing bank listed on the Frankfurt Stock Exchange, for consideration of €29 per share and an implied equity value of €1.8 billion.
Top