ANNUAL REVIEW
2018
From our Chairman
Economic and geopolitical dynamics diverged remarkably in 2018. The global economy continued to grow, while political uncertainty mounted as a wave of populism challenged established conventions.
Against this backdrop, we continued to help our clients around the world identify and resolve complex legal and business challenges. This includes representing Brazilian telecommunications company Oi S.A. in the completion of its US$20 billion debt restructuring and acting for global cybersecurity provider Avast in the largest-ever software IPO on the London Stock Exchange.
In 2018 we opened new offices in Chicago, Houston and Tashkent. We added 84 new partners worldwide, in line with our 2020 strategy. And with revenue up nearly 14 percent, we had our highest revenue year on record.
For the fifth consecutive year, The American Lawyer named us the most diverse law firm in the United States. While we celebrate this achievement, we can and must do better. We are committed to making our workplace and our partnership more diverse and inclusive.
The dedication of our people to using their legal skills to make the world a better place resulted in nearly 120,000 hours of pro bono work last year, a record for the Firm. Among the range of pro bono matters we tackled, one highlight was our work to help create a lifesaving program to screen children affected by the Flint, Michigan water crisis.
Our 2018 Annual Review reflects a successful year, putting us in a strong position from which to grow and evolve as we help our clients navigate—and thrive in—an uncertain world.
Hugh Verrier
Voices
Insights from guest speakers at Firm events
Trends
Events redrawing the global business landscape
The international trading system faces a turning point
US actions trigger trade barriers and disputes, raising doubts about the longstanding multilateral system
Cryptocurrency rules take shape in the US and UK
Don’t expect a radical departure from existing securities regulations
Regulators worldwide apply ever-more scrutiny to foreign direct investment
The United States, United Kingdom, China and elsewhere are clamping down on foreign investments, and in a widening array of industries
Views
Our thoughts on business dynamics
A banner year for US M&A
Last year’s sun shone bright on US mergers & acquisitions activity—but there are clouds on the horizon
Private equity must prioritize cybersecurity
Strong cybersecurity governance is increasingly critical at all points in the investment chain
Where banks grow cautious, other investors pick up the leveraged loans baton
As banks remain gun-shy on leveraged debt, direct lending funds fill the finance gap
For a head start on an IPO, issue a high yield bond
Companies that have issued a high yield bond have already completed much of the work required for an IPO—but to date, few have taken advantage of the flying start
Blockchain promises to boost sustainability in mining & metals
Increasing transparency demands from regulators and consumers are steering mining & metals companies to blockchain for an answer
Signs still point to a brighter future in oil & gas M&A
Despite a year-end dip, the pieces are in place for oil & gas M&A to enjoy a busy 2019
Tech leaders are optimistic about the future of cross-border M&A
Strategic drivers continue to fuel cross-border deals despite economic and geopolitical uncertainties
Foreign venture capital investment into China soars
Overseas VC funds have poured into Chinese startups—at points, overtaking their US counterparts
Companies must close gaps in anti-bribery and corruption compliance
Work remains for companies committed to compliance in an energized enforcement climate
International arbitration tops methods of cross-border dispute resolution
With a view toward the future, the survey highlights the prominence and evolution of international arbitration
Impact
Highlights of our work in 2018
Banking and capital markets
In a changing financial landscape, we helped clients raise capital and complete complex financing transactions
Project development and finance and asset finance
We represented clients globally on groundbreaking project and asset financing matters
Global Citizenship
Our lawyers performed pro bono work around the world to ensure that the most vulnerable had legal representation
Growth
An evolving firm
Enhancing client service through legal project management
Our ongoing investment in LPM boosts transparency, communication and efficiency
Keeping the focus on innovation
A culture of innovation helps lawyers put legal technology into context
2018 new offices
We expanded our global presence with new US offices in Chicago and Houston and a new office in Tashkent in Uzbekistan
2018 awards and rankings
White & Case was the only law firm to be ranked among the top seven most innovative law firms in all three of the Financial Times’ 2018 reports
2018 new partners
In 2018, 54 new partners joined White & Case and 31 Firm lawyers were promoted, resulting in a total of 85 new partners
Growth
Diversity and inclusion
Our diverse workplace
In 2018, we focused on strengthening our Firm culture, aiming to make our diverse workplace more inclusive
Partnering with Barclays to explore how “covering” hinders true inclusion
We co-sponsored a seminar exploring how social pressure to conform can undermine inclusion initiatives
Global Women’s Initiative yields results
Recent successes affirm our multipronged approach to increasing the number of women leaders
Growth
For our clients
Building a platform to help businesses navigate human rights issues
A new interest group focuses on a rapidly evolving area of law
How would widespread adoption of blockchain affect your business?
With partners from Saïd Business School, we conducted blockchain scenario analyses with senior executives