First magic circle financials released
Clifford Chance has fired the starting pistol on another magic circle financial results season, revealing sizeable uplifts in its profit per equity partner (PEP) and overall partnership profit.
Drilling down into the numbers, partnership profit at the Canary Wharf giant was up 13% to £626 million while PEP hit £1.6 million, an increase of 16%. Global revenue for the year ending 30 April ballooned to £1.62 billion — up from £1.54 billion on the previous year.
Matthew Layton, Clifford Chance’s global managing partner said the firm had made “cumulative progress” since the outfit implemented its “ambitious strategy” three years ago, and cited the firm’s success in the Americas and investment in technology. He continued:
“Overall, these figures are testament to the firm’s unrelenting focus on work where our unrivalled platform and expertise enables us to guide clients through game-changing opportunities and risks. Technology presents a formidable example, as it drives a pace of change that is faster than ever before. Businesses who understand this environment and are agile enough to adapt, will thrive; and our multi-disciplinary, global tech group is perfectly positioned to advise them.”
Magic circle aside, a host of other City firms have already posted their 2018 financial results — and the early signs are positive.
Last week, Legal Cheek reported that of the dozen or so big firms to release their results so far, all have reported rises in revenue while those that published PEP figures have posted increases too.