International firm White & Case has reported a near 40% rise in profits. Accounts filed at Companies House for the firm’s limited liability partnership show profits of £126.6m in the year ending 31 December 2017, up 36% from £93.2m the previous year.
Turnover rose from from £229m to £264m, giving the firm an overall profit to turnover ratio of 47% - one of the highest such ratios in the City.
In Africa, where the LLP has an office in Johannesburg, profit rose from £3.6m to £4.6m (27%).
Overall staff numbers also increased from 599 to 633. Of those, 382 are fee-earners.
White & Case has not disclosed a profit per equity partner (PEP) figure for the LLP or what its highest-paid partner received. ‘Members are remunerated from the global profit pool, representing profits from all White & Case partnerships and consequently such disclosure would not be meaningful to these financial statements,’ the accounts state.
Globally, revenue was $1.8bn (£1.3bn) – up 10.6% on 2016. London accounted for around 18% of overall revenue.
Profit per equity partner (PEP) globally was $2.2m (1.7m) – also up 10% on 2016’s figure of $2.051.
A spokesperson said: ‘London again made an important contribution to the overall financial results. London’s performance is clear evidence that the investments we’ve made over a period of years are bearing fruit.’