Legal News: Key Updates You Can't Miss! ⚖️

White & Case’s revenue climbs by 12.5% to break through the $3bn mark

White & Case has achieved a significant financial milestone, reporting a 12.5% revenue increase to £3.3bn in 2024, driving a 27% rise in profit per equity partner (PEP) to $4m. This growth marks a sharp acceleration from 2023, when revenue grew by just 4.3%.

Key Highlights 

• Revenue per lawyer up 10.6% to £1.3m.

• Net income rose 19.5% to $1.7bn.

• Expenses increased 5.9% to $1.6bn.

• London office revenue surged 25% to $554m, reflecting 64% growth over five years.

• 52% of the firm’s work involved cross-border elements, reinforcing its global strength.

• Partner hires: 47 lateral hires in 2024, increasing the total partner count by 1.3% to 698, though the number of equity partners declined 7% to 349.

• The total lawyer count increased by 1.5% to 2,598.

Strategic Focus:

• White & Case remains committed to China, despite several US firms exiting the market.

• New York office is a major investment focus for 2025.

• Strong start to 2025, with January performance exceeding 2024’s.

Notable Deals and Hires:

• Advised Calpine on its $26.6bn acquisition by Constellation Energy, forming the largest low-emission energy supplier in the US.

• Strengthened London’s presence with the high-profile hire of Dan Reavill from Travers.

According to a Wells Fargo report, 2024’s 12.5% industry-wide revenue growth is nearly double 2023’s 6% increase, reaching levels only exceeding in 2021 (14%).

With a robust global presence and strategic investments, White & Case is well-positioned for continued success in 2025.

BCLP enters Saudi Arabia’s hot legal market with two offices

International law firm Bryan Cave Leighton Paisner (BCLP) is expanding into Saudi Arabia by opening two officers in Riyadh and Al-Khobar. This move is part of the firm’s strategy to strengthen its presence in the Middle East and meet growing client demand in the region.

BCLP has been active in the Middle East for nearly 20 years, with existing offices in Abu Dhabi, Dubai, and Tel Aviv. These new Saudi offices will offer a wide range of legal services across various sectors, including real estate, corporate, projects, construction, and litigation.

This led to its Saudi operations, BCLP has hired experienced lawyers Othman Alshmry and Sam Eversman, who previously worked at the local firm KSA USE Legal (AlSaweed Law Firm). Alshmry will serve as the managing partner for the Saudi offices.

The firm sees this expansion as a key opportunity to support major projects in the Kingdom particularly those linked to Saudi Arabia’s Vision 2030 plan. With many international law firms recently entering the Saudi market, BCLP aims to position itself as a strong player in the region.

Reed Smith Secures Licence to Operate in Saudi Arabia

Global law firm Reed Smith has received approval from Saudi Arabia’s Ministry of Justice to establish its own practice in the Kingdom. This move allows the firm to operate independently without the need for a local partner, following recent regulatory changes that have opened up the Saudi legal market to international firms.

Slaughter and May Names David Johnson as Next Managing Partner

Slaughter and May has appointed corporate partner David Johnson as its next managing partner, succeeding Deborah Finkler on 1 August 2025.

Johnson, a firm veteran who joined as a trainee in 1991 and became a partner in 2000, specialises in public and private M&A, advising major clients like Sergo, GSK, and IAG. He recently acted in its proposed bid for Anglo-American.

Finkler, who became Slaughters’ first-ever managing partner in 2022, will retire in July. During his tenure, she spearheaded the firm’s social mobility initiatives, sustainability efforts, and technological advancements.

Senior partner Roland Turnill praised Johnson’s “energy and strategic approach,” while Finkler expressed pride in her contributions and confidence in Johnson’s leadership.

Commercial News: The Latest Insights You Need to Know! 📈

Marks & Spencer Faces £40M Annual Recycling Tax Amid Rising Retail Costs

• New Sustainability Levy: Marks & Spencer (M&S) is expected to face an annual £40M cost from new packaging levies under the Extended Producer Responsibility (EPR) scheme, set to begin in October.

• Retail Industry Impact: The British Retail Consortium estimates that UK retailers will collectively bear £2B in additional costs from these new regulations.

• Other Financial Pressures: Retailers are already dealing with an extra £5B in costs due to national insurance and wage increases introduced in Labour’s Budget.

• Calls for Clarity & Reform: The industry is urging the government to ringfence tax revenue for recycling, ensuring funds improve waste management rather than being absorbed elsewhere.

• Deposit Return Scheme: Retailers also face uncertainty around a 2027 deposit return scheme after Wales withdrew from the initiative.

M&S has yet to comment, while the government argues that these measures will boost recycling, create jobs, and drive long-term investment in sustainability.

De Beers IPO moves closer for Anglo American as Botswana eyes bigger stake

Anglo-American is getting closer to spinning off its diamond business, De Beers, and Botswana is interested in increasing its stake in the company. Right now, Anglo owns 85% of De Beers, and Botswana owns 15%. This move is part of Anglo's plan to reorganize its business, focusing more on copper and iron ore.

Botswana recently signed a new 30-year deal with De Beers, and the government is now looking at the possibility of increasing its stake in the company. This could help make the ownership structure clearer, which would be beneficial for a potential public offering (IPO).

De Beers has faced challenges, like falling diamond prices and competition from lab-grown diamonds. Still, the company is working on a new development fund in Botswana, aimed at diversifying the economy and creating new jobs beyond the diamond industry.

Overall, the spin-off is a big part of Anglo's strategy to focus on its core businesses while giving Botswana a bigger role in De Beers’ future.

London is better than New York for float, says Energy Chief planning UK listing

Evangelos Mytilineos, CEO of Metlen Energy, believes that London’s stock market is a better option for a company listing than New York, as there is a risk of getting "lost in the crowd" on the US exchange due to the high number of companies seeking to list there. Mytilineos also expressed confidence that the UK stock market is on the rise after a challenging period. His company, Metlen, is planning to add a primary listing in London within 18 months and aims to join the FTSE 100, which would give it global visibility.

Metlen, a Greek company with a market value of €5bn, has been on the Athens stock exchange since 1995 and plans to keep a secondary listing there. Mytilineos sees the London Stock Exchange’s recovery as a good opportunity for the company to contribute to its revival, especially after the disruptions caused by Brexit and political turbulence in the UK.

Metlen also recently announced a €296 million investment in Greece to increase alumina and bauxite production, as well as produce gallium for the first time. Mytilineos noted the mistake of Europe’s reliance on China for certain metals and compared it to Germany’s dependence on Russian gas. He acknowledged that while Europe needs affordable gas for competitiveness, it’s up to politicians to decide whether to pursue it, especially in light of recent political tensions.

Legal Lingo Unpacked: Your Quick Terminology Breakdown! ⚖️

“Equity: Strip vs Sweet”

Institutional Strip and sweet equity are two cornerstone terms used in private equity transactions.

Institutional Strip will typically consist of a combination of ordinary shares and preference shares or loan notes. Alongside the private equity sponsors, senior/key members of a target’s management team will be expected to either roll over existing equity interests in the target or otherwise invest their cash to subscribe to the institutional strip. The intention is for the management team to put “skin in the game” (i.e. bear the financial risk of the acquisition alongside the private equity sponsor), thereby creating alignment between the sponsor and the management team.

Alongside the concept of the institutional strip, sweet equity operates to incentivise the management team with the growth/ performance of the target business. In the UK private management team, will appreciate as the target business grows. This serves to incentivise management to promote the success of the business and maximise its value.