The present invention provides a method for depositing a wear resistant coating on a cutting tool substrate. Cathodic arc deposition is performed using one or more plate-shaped targets and a high arc current of at least 200 A, preferably at least 400 A, whereby a high total ion current of at least 5 A is provided in front of the substrates. A comparatively low bias voltage may be used in order to avoid negative effects of ions impinging on the substrates with high kinetic energy. Thanks to the method of the invention it is possible to deposit thick wear resistant coatings on cutting tool substrates in order to improve cutting performance and tool life.