White & Case grows revenue to $3.6bn as it targets $5bn in three years

White & Case has posted a solid set of 2025 results, with revenue and profit both rising as the firm pushes towards an ambitious $5 billion target in 2028.

The US firm reported revenue of $3.6 billion for the year, up 8% on 2024, while profit per equity partner (PEP) rose 10% to $4.4 million. The results mark the firm’s second year above the $3 billion revenue threshold.

Vice chair Oliver Brettle described the performance as “very solid”, with the firm on track to deliver its long-term growth strategy.

Margin pressures

The results come against a backdrop of rising costs across Big Law. White & Case’s costs increased 10% to $1.785 billion, slightly outpacing revenue growth.

Brettle said the trend reflects wider market pressures, particularly around talent and technology investment.

“The market for the best lawyer talent is fiercely competitive,” he said, adding that firms need to invest heavily in hiring if they want to grow.

Despite a 5% drop in equity partner numbers - down to 332 from 349 - the firm pointed to continued investment in talent, including 51 lateral partner hires globally over the year.

London momentum

London remains a key part of the firm’s growth story. The firm’s London office posted record revenue of $584 million, up 5% year-on-year and $187 million higher than five years ago.

London executive partner Inigo Esteve said the office continues to play a central role in the firm’s global strategy, particularly in private equity.

The firm added 14 lateral partners in London over the year, including private equity partners Helen Croke, Laura Kayani and Nick Matthew from Ropes & Gray. It also strengthened its tax bench with the hires of Arun Birla and Jiten Tank from Paul Hastings.

The $5bn ambition

White & Case’s results come as the firm looks to close the gap on the very top tier of the global legal market.

Only two firms - Kirkland & Ellis and Latham & Watkins - have so far surpassed the $5 billion revenue mark. White & Case currently sits around the 10th largest firm globally by revenue.