Expansion of geographic reach
Profile: Bob Grondine
Widening range of opportunities
Profile: Eberhard Meincke
Building the client base
MAIN COVER →
Foreword & Preface
1
Foundation
2
Financial Institutions
TIMELINE: WHITE
&
CASE IN HISTORY →IMAGE LIBRARY →
PART I: THE FIRST 75 YEARS →
Contents
3
Corporate Clients
4
In the Courtroom
5
New Horizons
6
Sovereign Practice
PART II: THE NEXT 25 YEARS AND BEYOND →
7
Transition
8
Going Global
9
Globalization of Practices
PART III: KEEPING FAITH WITH THE FOUNDERS →
10
Culture
11
Social Responsibility
PART IV: ONWARD INTO THE 21ST CENTURY →
12
The Global Journey Continues
Afterword
HISTORICAL REFERENCES AND ARCHIVES →
White & Case Partners: May 1, 1901 - July 1, 2016
Offices
Former Offices
Headcount & Revenues
Global Partner Meetings
Senior Leadership Chronology
Historical Archives
Acknowledgments
Expansion of geographic reach
Widening range of opportunities
Profile: Eberhard Meincke
Building the client base
Profile: Bob Grondine
The Firm was set on an irrevocable international course.
jaeger-lecoultre atmos
The clock, a gift from Chemical Bank commemorating the Firm’s 75th anniversary, is a Swiss-made perpetual motion 15-jewel clock operated by minute atmospheric temperature variations.
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The firm’s first post–World War II office, Paris, 1963
Over the years, White & Case opened a number of other international offices as part of Jim Hurlock’s strategy to create a global law firm.
When Jim Hurlock became Chair of the Firm on January 1, 1980, the Firm had about 150 lawyers in its New York office and an additional 35 lawyers based in much smaller offices in Paris, Brussels, London, Washington, D.C. and Hong Kong. Almost all of its lawyers were U.S. nationals, and almost all of its clients were U.S. entities.
Hurlock believed, for a combination of strategic, professional and personal reasons, that the Firm’s future lay not purely in the United States but in forging an international network that would distinguish White & Case from its competitors. The strategic rationale was a mixture of necessity and opportunism.
When Jim Hurlock became Chair of the Firm on January 1, 1980, the Firm had about 150 lawyers in its New York office and an additional 35 lawyers based in much smaller offices in Paris, Brussels, London, Washington, D.C. and Hong Kong. Almost all of its lawyers were U.S. nationals, and almost all of its clients were U.S. entities.
Hurlock believed, for a combination of strategic, professional and personal reasons, that the Firm’s future lay not purely in the United States but in forging an international network that would distinguish White & Case from its competitors. The strategic rationale was a mixture of necessity and opportunism.
In 1975, the National Student Marketing battle with the SEC was still ongoing, and it was uncertain what effect this would ultimately have on the Firm’s business, especially on deals that required interaction with the SEC. Hurlock was convinced that clients expanding globally would welcome White & Case’s on-site presence wherever they needed legal help, most of which would not be SEC-related. In addition, although White & Case was well known for its representation of banks and industrial corporations, it did not then have any major investment banking clients. “In the 1960s, Larry Morris, who was tremendously popular and extremely vocal in his views, used to run up and down the halls saying, ‘We’re going to get Morgan Stanley next week, we’re going to get Goldman Sachs,’ ” Hurlock recalled. “And we never did. I decided we could not replace at that time the major New York firms that were acting as the principal outside counsel for a Morgan Stanley, a Goldman Sachs or another major investment banking firm.” Globalization, he believed, offered a way to “outflank” other law firms and make inroads into core markets by focusing on the cross-border activity in those markets. Instead of taking on other Wall Street law firms on their own turf, White & Case would beat them overseas and might also chip away at entrenched relationships between clients and law firms as corporations and financial institutions sought a U.S. law firm to assist them with their international requirements. “All the investment banks were establishing a business presence outside the United States, but the U.S. law firms were not,” Hurlock reflected.
Of the four offices the Firm had outside the United States at the time he became Chair, Hurlock had spent time in Paris and Brussels, opened London and pushed hard for the opening of Hong Kong as a base from which to handle the Firm’s work for Indonesia. Through the 1980s, the international expansion proceeded apace, with offices opened in Singapore and Stockholm in 1983, Ankara and Istanbul in 1985, and Los Angeles, Miami and Tokyo in 1987.
There were sound reasons for wanting operations in each of these locations. The Singapore office was opened in part to handle the Firm’s work for the Indonesian government and for clients with business interests in Indonesia and in part to serve as one of the hubs of the Firm’s practice in Southeast Asia. The Firm opened its offices in Ankara and Istanbul at the suggestion—some say requirement—of Turkey’s prime minister, Turgut Özal, and to serve clients in Turkey and the surrounding countries. Los Angeles was opened primarily to work with the Firm’s New York bank clients who established leveraged buyout (LBO) teams in Los Angeles in the 1980s to handle LBO deals originating on the West Coast. Miami was opened to serve as the base from which the Firm would do much of its Latin American work and to give the Firm a presence in the southeastern region of the United States. Tokyo was opened in line with the Firm’s objective of having an office in all the world’s major financial centers, where many of the Firm’s financial institution clients also had offices. The Tokyo office received a boost when, in 1992, the Firm attracted as lateral recruits three former Baker & McKenzie partners, including Bob Grondine, who provided credibility in a challenging local market.
Meanwhile, the London office was also picking up speed after a difficult period in the early 1970s. As Gene Goodwillie, who took over as head of the office from Hurlock in 1975, recollects: “The decade was dominated by the miners’ strike and the economic fallout from that. It was a widely held view in New York that the UK was slipping gradually into the North Sea. That had an impact, of course, on our work. Duane [Wall] and I soldiered on, but it was not until the late 1970s that the London market really picked up. The election of Margaret Thatcher in 1979 confirmed the positive direction and expansion of the London legal market.” The Thatcher government abolished exchange controls, which freed up the international movement of capital and broke down restrictive practices in the City of London.
The London office’s work increased exponentially in the early 1980s as the lawyers there advised longstanding client General Electric Capital Corporation (GECC) on a succession of Eurobond issues and helped banking and investment banking clients develop increasingly sophisticated instruments.
In 1982, the Firm advised the U.S. insurance company Aetna Life and Casualty Company on its acquisition of 50 percent of the British merchant bank Samuel Montagu & Company, and later advised it on a succession of acquisitions of UK life insurance companies. “For the first five years of the 1980s, we were flat out,” recalls Francis Fitzherbert-Brockholes, an English barrister and New York law-qualified lawyer who joined the Firm in 1978. “I was so engrossed in all the matters we were handling in a small office that I wasn’t even aware I was being put up for partnership.”
Not all partners agreed with Hurlock’s view of the way forward. A number of partners thought the Firm should focus on building its M&A and other domestic practices. Litigators worried about whether opening offices abroad would result in lost opportunities because of an increasing number of conflicts of interest. And most partners wondered whether building out a global network would cause a downturn in the Firm’s profitability.
After considerable debate, Hurlock’s views prevailed, and with him at the helm, White & Case embarked on an international course on which it has continued ever since. Sims Farr, who supported Hurlock’s election, said at the time, “Many partners said, ‘He’s too brash.’ Others, however, sensed that White & Case was at a crossroads and that we needed a very strong leader who would know no bounds in moving the Firm forward.” John Reiss, the current head of the Firm’s global M&A practice, believes the Firm made the right choice about both the leader and the strategy: “In the 1970s, we began to lose our way. Hurlock had the vision to reposition the Firm and the strength of character to drag the Firm forward by the scruff of our neck.”
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london Office
White & Case consolidated its offices in London to 5 Old Broad Street in 2004.
Expansion of geographic reach
Hurlock believed, for a combination of strategic, professional and personal reasons, that the Firm’s future lay not purely in the United States but in forging an international network that would distinguish White & Case from its competitors.
After graduating from Boston University Law School in 1980, Bob Grondine studied Japanese and moved to Japan. He became fluent in Japanese, so much so that over the phone people mistook him for a native speaker. He immersed himself in the Japanese culture and legal system. After joining the Firm’s Tokyo office in 1992, when there were just three lawyers, he built the office into the leading foreign law firm in Japan. His lobbying efforts helped open up the Japanese legal sector to foreign law firms, and he represented dozens of clients, including General Motors, Sony and Fuji Heavy Industries. He was a hugely influential figure in the American Chamber of Commerce in Japan (ACCJ), serving on its board of governors for almost a decade, as president (in 2000) and as chairman (2002 and 2004–2005).
Brian Strawn, a partner in the Firm’s Tokyo office, who was mentored by Grondine, says, “Bob was a role model who paved the way for dozens of lawyers to come to Japan and build their lives and careers.”
Grondine also chaired the Japan Advisory Committee of the U.S.-Japan Bridging Foundation, a U.S. foundation that raises funds to provide scholarships to U.S. college students to study in Japan, leading to more than 1,000 scholarships being awarded. He died in 2011 at age 59.
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Bob Grondine
After graduating from Boston University Law School in 1980, Bob Grondine studied Japanese and moved to Japan. He became fluent in Japanese, so much so that over the phone people mistook him for a native speaker. He immersed himself in the Japanese culture and legal system. After joining the Firm’s Tokyo office in 1992, when there were just three lawyers, he built the office into the leading foreign law firm in Japan. His lobbying efforts helped open up the Japanese legal sector to foreign law firms, and he represented dozens of clients, including General Motors,
Sony and Fuji Heavy Industries. He was a hugely influential figure in the American Chamber of Commerce in Japan (ACCJ), serving on its board of governors for almost a decade, as president (in 2000) and as chairman (2002 and 2004–2005).
Brian Strawn, a partner in the Firm’s Tokyo office, who was mentored by Grondine, says, “Bob was a role model who paved the way for dozens of lawyers to come to Japan and build their lives and careers.”
Grondine also chaired the Japan Advisory Committee of the U.S.-Japan Bridging Foundation, a U.S. foundation that raises funds to provide scholarships to U.S. college students to study in Japan, leading to more than 1,000 scholarships being awarded. He died in 2011 at age 59.
Meanwhile, Goodwillie also began to advise banking clients on a new form of finance that would later become one of the Firm’s major practice areas: project finance. Then, in 1990, the UK Parliament passed the Courts and Legal Services Act (CLSA) to liberalize the legal profession and allow UK solicitors to be partners with non-UK lawyers. It took the Law Society three years to produce the regulations required to implement the CLSA and, as soon as the regulations became effective, the Firm brought in John Bellhouse as its first solicitor. From that day on, the Firm began to compete more aggressively and successfully against the magic circle and other UK firms.
By 2016, the Firm had grown the London office to more than 350 lawyers, about the same size as the New York office, giving the Firm the strongest combination of New York and London offices of any law firm. According to
The Lawyer
magazine, White & Case’s London office was the largest non-UK law firm in the country in 2015 by revenue. The growth in London was achieved by successful lateral hiring and the promotion to associate status of participants in the London office trainee program, the first ever established by a non-UK law firm.
London was always a critical part of the Firm’s global strategy because of the volume of cross-border business generated in the London market. An equally vital component was building an English law capability to serve clients not only in London but also in the other countries around the world that preferred English law to New York law. To help achieve this objective, as the Firm expanded its global reach, it began to assign lawyers from its London office as well as its New York office to other offices around the globe where its clients needed sophisticated advice on English, New York and local law. In 1983, White & Case opened its office in Stockholm under the leadership of Gillis Wetter, a Swedish lawyer with an outstanding reputation in international arbitration. At that time, Soviet enterprises tended to have their contracts with companies outside the USSR governed by Swedish law with a Swedish arbitration clause. Both Wetter and the Firm expected that this would eventually result in an increasing number of Swedish arbitrations involving Soviet enterprises in which the Firm could become involved. When this arbitration explosion did not occur, the Firm intensified its efforts to represent Swedish financial institutions and corporations with international aspirations, and this change in focus led to the development of a strong, diversified practice, aided by the fact that the Firm’s office was opened eight years before that of the next non-Swedish firm. Two of the key players in this change of focus in Stockholm were Claes Zettermarck and Göran Åseborn, both of whom joined the Firm in 1983, shortly after Wetter.
The story of the opening of the Helsinki office is a little more unusual. While on business in Helsinki in the early 1990s, Goodwillie met a Finnish lawyer, Petri Haussila. Haussila was then an associate with Shearman & Sterling in New York and bemoaned to Goodwillie that it did not appear that Shearman & Sterling was willing to find a way to enable him and his wife to return to Finland. Goodwillie suggested to Haussila that White & Case might be able to accommodate his aspiration, especially since the Firm already had an office in Stockholm and was committed to growing its Scandinavian practice. Upon his return to New York, Goodwillie discussed Haussila with Hurlock, who responded favorably to the initiative. Haussila joined the Firm as counsel in 1992, opened the Helsinki office that year and became a partner in 1995. It was again impeccable timing. As Finland embarked on a program of privatization and leading Finnish companies began to engage in significant U.S. financings, Haussila found himself in much demand as the only U.S.-qualified securities lawyer in the country.
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stockholm office
The Firm opened an office in Stockholm in 1983, the first non-Swedish firm to open in Sweden.
Widening range of opportunities
Privatization work helped spur the opening of offices in Central and Eastern Europe, including in Prague, Budapest, Warsaw and Moscow (in 1991). Each country was transitioning from communism to a free market economy, so the Firm’s lawyers needed to be both innovative and adaptable. Peter Derby, a client of the Firm who developed the investment bank Troika Dialog, wrote in the Introduction to
Crossroads—White & Case in Russia: 1991–2006
:In its long and tortured history, Russia has always had one constant: Man sat squarely and confidently above the law. A scan of Russian history over the centuries reveals either autocratic rule from a monarch or dictator, or rampant lawlessness. There was no middle ground and there were no progressive alternatives, especially following the 1825 December uprising that was brutally crushed.
Those of us going to do business in Gorbachev’s and then Yeltsin’s Russia understood this. Russia was unique—seemingly immune from the rules that dictated behavior and structures in other societies. Many chose to adapt and compromised their principles in the process. A small few stuck to their guns and made a difference. White & Case was one of those select pioneers that took the high road and helped transform the course of Russian history, finally, at the end of the 20th century.
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berlin office, 2013
The early days of the Moscow office proved as challenging as might be imagined. The situation was not assisted by the political crisis of 1993, which led to tanks outside the Kremlin, and the financial crisis of 1998, in which the country effectively shut down. Nevertheless, the office stayed open and, under the leadership of Doug Peel and Hugh Verrier, established itself as one of the top law firms in Russia.
In 1994, the Firm opened an office in Almaty, Kazakhstan, led by Yuriy Maltsev, one of the country’s top lawyers, and the office was a significant contributor to the growth of the Firm’s Central and Eastern European practice. As Kazakhstan’s business center shifted to Astana, which replaced Almaty as the country’s capital in 1997, the Firm opened an office in Astana in 2013, eventually closing its office in Almaty in 2016.
Czechoslovakia split into the Czech Republic and Slovakia in 1993. The Firm handled its work for both of these countries from its Prague office until 1999, when it opened an office in Bratislava to pursue mandates originating or centered in Slovakia.
In Latin America, the Firm opened in Mexico City in 1991, again taking advantage of opportunity and professional connections. Ken Lee, an associate of the Firm who later became a partner, had been working in Mexico City for a number of years in the offices of Ritch y Rovzar, a prominent Mexico City law firm, to help the Firm originate and handle business in Mexico without having an office there. After the United States, Canada and Mexico entered into negotiations to create the North American Free Trade Agreement, which was eventually signed in 1994, Hurlock concluded that its terms would permit a non-Mexican law firm to open an office in Mexico under its own name. He instructed Lee and others to approach the minister of foreign investment in Mexico to confirm his conclusion. Lee was initially skeptical about the reception he would receive, only to be sharply told by Hurlock, “Ken, you seem to have mistaken what I just said to be a suggestion.” To the surprise of many, the minister of foreign investment provided the confirmation, and the Firm became the first non-Mexican firm to open an office in Mexico in its own name under Mexican regulations then in effect. The Firm expanded the office over the years, in part by bringing in prominent lawyers in the Mexico City market, including Alexis Rovzar, Alberto Sepúlveda-Cosío and Vicente Corta. As a further expansion of the Firm’s Latin American practice, the Firm opened an office in São Paulo six years later under the leadership of Don Baker, who relocated there from Miami as an associate and became a partner in 1999.
In the Middle East, White & Case opened an office in Riyadh in 1993. Hurlock reasoned that the Firm needed to have an office in Saudi Arabia’s capital to be in a position to capture major projects that involved dealing with governmental agencies. The Firm would continue to grow its presence in the Middle East, subsequently opening in Abu Dhabi in 2007, Doha in 2009 and Dubai in 2015.
When the United States lifted the anti-apartheid restrictions against South Africa, an arbitration partner in the Firm’s Paris office, Ron Goodman, who had an interest in South Africa, suggested that the Firm open an office in Johannesburg. After obtaining the commitment of Darryl Deaktor, a securities partner in the Firm’s Miami office, to join Goodman in Johannesburg, Hurlock agreed the Firm could open an office there in 1995. It continues as a platform from which to develop business in South Africa and other countries in sub-Saharan Africa as the continent assumes a more major role in the world economy in the years ahead. White & Case continues to be one of the few non–South African law firms with an office in South Africa.
There were some false starts. Philip Stopford, following his second stint in Jakarta, was selected to open an office in Frankfurt in 1991. This came in the wake of a ruling in 1989 by the German Federal High Court to permit German law firms to open an office in more than one German state. White & Case had established a relationship with the German firm Deringer Tessin (which later merged with Freshfields), then based in Cologne. The aim was to create a joint office in Frankfurt, Germany’s financial capital, as well as to have a joint office in Brussels to use as a base from which to develop business in Central and Eastern Europe. When the relationship with Deringer Tessin was terminated in 1993, the Frankfurt office was closed and Stopford moved back to London, but the Firm remained open in Brussels.
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prague office
The House at the White Unicorn in Old Town Square, with St. Vitus Cathedral in background, was the site of the White & Case office 1993—2003.
Professor Dr. Eberhard Meincke started his legal career with the German firm Scherzberg & Undritz, which traces its roots in Hamburg back to 1858. This firm was one of a number that combined in the 1990s to become Feddersen Laule (its abbreviated name). Meincke led the German negotiating team when Feddersen Laule merged with White & Case in 2000. Up to 2007, Meincke was a member of White & Case’s management board, and up to 2009, he was a member of the executive committee of the Firm’s Hamburg office. As well as engaging in the Firm’s banking practice, Meincke was a lecturer and then an honorary professor at the University of Greifswald. He also lectured at The Real Estate Management Institute at the European Business School in Oestrich-Winkel, Berlin and Munich. Honoring his many years of work for the Royal Danish Consulate General, the Queen of Denmark awarded him the Order of Dannebrog and appointed him the Ridder af Dannebrog in 1997. He was awarded the Bundesverdienstkreuz am Bande (Federal Cross of Merit) by the president of Germany for his work at the University of Greifswald and at the Hamburg-based Bethesda Hospital.
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Eberhard Meincke
Professor Dr. Eberhard Meincke started his legal career with the German firm Scherzberg & Undritz, which traces its roots in Hamburg back to 1858. This firm was one of a number that combined in the 1990s to become Feddersen Laule (its abbreviated name). Meincke led the German negotiating team when Feddersen Laule merged with White & Case in 2000.
Up to 2007, Meincke was a member of White & Case’s management board, and up to 2009, he was a member of the executive committee of the Firm’s Hamburg office. As well as engaging in the Firm’s banking practice, Meincke was a lecturer and then an honorary professor at the University of Greifswald. He also lectured at The Real Estate Management Institute at the European Business School in Oestrich-Winkel, Berlin and Munich. Honoring his many years of work for the Royal Danish Consulate General, the Queen of Denmark awarded him the Order of Dannebrog and appointed him the Ridder af Dannebrog in 1997. He was awarded the Bundesverdienstkreuz am Bande (Federal Cross of Merit) by the president of Germany for his work at the University of Greifswald and at the Hamburg-based Bethesda Hospital.
White & Case renewed its German initiative when the major UK law firms started to expand in Germany, joining forces with local firms, as the 1990s unfolded. Determined not to let the UK firms dominate Germany, the Firm opened a small office in Frankfurt in 1999. Then the Firm became aware that the German firm Feddersen Laule Ewerwahn Scherzberg Finkelnburg Clemm was considering the possiblility of merging with a U.S. or UK firm. This appeared to the Firm to be an attractive proposition: White & Case was keen to expand into Europe’s largest economy, while Feddersen Laule, by then Germany’s fifth-largest firm, had seen which way the market was moving—internationally.
Negotiations began in earnest in late 1999. Interestingly, the first point to be agreed upon was the name, as Eberhard Meincke, one of the prime movers within Feddersen Laule and chairman of the German negotiating team, recalls: “When we merged the different firms in Germany, we left the name until last, which was a mistake, because it generated so much argument. This time, we settled on the name right at the outset after discussing how we should combine the firms’ names. We settled on a comma rather than two ampersands, much to our collective amusement.” The merger was concluded in August 2000. White & Case, Feddersen (the Firm became known in Germany simply as White & Case in 2004) added more than 180 lawyers to the Firm in Frankfurt and its new offices in Berlin, Düsseldorf, Hamburg and Dresden, which was closed in 2008. The merger was a highly successful move, and the Firm developed to such an extent that in 2011 White & Case was named Law Firm of the Year by
JUVE
, Germany’s most influential legal journal.
The Firm opened an office in Palo Alto in 1999, on the West Coast of the United States, to serve the growing number of high-tech, software and IT companies in Silicon Valley. It opened an office in Shanghai during the first quarter of 2000 as its first office on mainland China.
As the Firm expanded its geographic reach, its client base became more global and also more diversified. The Firm began in 1901 with a financial institution client base that featured a number of leading commercial banks and over the years has added other financial institutions that include investment banks, investment advisers, broker-dealers, insurance companies, investment funds, private equity funds, hedge funds, real estate investment funds, government-owned commercial and development banks and sovereign wealth funds. Beginning in the mid-1970s, the success of the Firm’s sovereign practice
(see Chapter Six)
has resulted in its representation of more than 60 sovereigns and their state-owned enterprises. The growth of the Firm’s corporate client base has been equally impressive over the years, and the Firm now represents top global clients across a large number of industries including oil & gas, power, mining, infrastructure and pharmaceuticals & healthcare. Reflecting the growth of the technology sector that has accelerated during the first part of this century, the Firm now represents a number of the world’s most prominent technology companies. As a result of its early globalization, the Firm also developed clients in emerging markets that have evolved into major global multinational companies.
The dedication of DuPratt White and George Case to the clients of the Firm has been carried down from generation to generation, and the Firm’s clients have responded by relying increasingly on the Firm’s services and demonstrating their appreciation for its global resources. In 2015, the Firm’s top 25 clients used lawyers in an average of 16 of the Firm’s offices to work on the matters they entrusted to the Firm.
By the time Hurlock stepped down as Chair of the Firm in April 2000, the Firm’s geographic reach had become truly global. The Firm had more than 1,000 lawyers in 31 offices in 24 countries, including the world’s major commercial and financial centers. It was multicultural, with lawyers of more than 60 nationalities. Most of the Firm’s offices had strong local law capability to the extent permitted by local rules. The Firm’s principal practices had all become global as the Firm’s geographic reach expanded. Many of its lawyers were recognized as being at the top of their areas of practice. The Firm’s client base reflected the breadth and variety of the Firm’s global operations. Being global is always a work in progress, but as the Firm prepared to enter its second century, the question about whether it could achieve its vision of becoming global had been answered.
Building the client base