Canary Wharf giant’s global revenues up 4% to £1.7 billion
Clifford Chance has become the first magic circle law firm to post its 2018/19 financial results, revealing slight increases to profit per equity partner (PEP) and global revenues.
The Canary Wharf-based titan has confirmed PEP hit £1.62 million, an increase of just 1% from £1.6 million, while partnership profit was up 2% to £637 million in the year to 30 April. Global revenues stood at £1.7 billion, representing a bump of 4.3% year on year.
“I am delighted that we have delivered a fourth consecutive year of growth under our strategy, and the firm’s best financial results to date”, Matthew Layton, Clifford Chance’s global managing partner, said. “It is especially pleasing to see that the growth in revenue and profit in this period has come from across all regions and all practice areas.”
Layton continued: “There are certainly challenges for all businesses in the year ahead. However, I am confident that by staying true to our clear and established strategy and by working shoulder to shoulder with our clients, we will continue towards our vision of being the global law firm of choice.”
As reported by Legal Cheek, CC enjoyed a whopping 16% boost in PEP and 5% uplift in global revenues during the 2017/18 financial year. Meanwhile, since 2015, the firm has increased global revenues by 25%, partnership profit by 42% and PEP by 45%.
News of the financials come less than a month after CC bumped the pay packages of its newly qualified (NQ) lawyers to £100,000. The new rate, which includes a discretionary bonus, followed a similar move made by magic circle rival Freshfields — although it’s worth noting its NQs can earn bonuses on top of this six-figure sum. Linklaters, Allen & Overy and Slaughter and May have also made similar pay moves in recent weeks.