What's Happening?
White & Case, a prominent law firm, has announced an ambitious plan to achieve $5 billion in revenue by 2028. The firm intends to leverage its expertise in key practice areas such as energy, infrastructure, technology, and private capital to drive this growth. The strategy, known as the '2028 strategy,' aims for more than 50% revenue growth from 2024 levels. Heather McDevitt, the firm's chair, expressed confidence in the plan's achievability, emphasizing financial discipline and modernization. The firm plans to focus on lateral hiring in the U.S. and has already made significant hires, including a four-partner IP litigation team. This strategy follows McDevitt's leadership appointment in 2023, succeeding Hugh Verrier.
Why It's Important?
The growth plan is significant
as it positions White & Case to compete with other top law firms like Kirkland & Ellis and Latham & Watkins, which have surpassed the $5 billion revenue mark. By focusing on global growth areas and strategic hiring, the firm aims to strengthen its market position and expand its client base. This move reflects broader trends in the legal industry, where firms are increasingly focusing on specialization and strategic growth to navigate modest demand growth and intense talent competition. The success of this plan could set a precedent for other firms seeking to expand their revenue and influence.
What's Next?
White & Case will continue to implement its 2028 strategy, focusing on hiring and expanding its practice areas. The firm plans to release specific revenue figures in the coming months, which will provide further insight into its progress. As the firm executes its strategy, it may face challenges related to geopolitical changes and market dynamics. The legal industry will be watching closely to see how White & Case navigates these challenges and whether it can achieve its ambitious revenue target.
