Revenues reach £1.82 billion
Clifford Chance has become the second member of the magic circle to go public with its 2021 financial results, revealing solid upticks in both profits and profit per equity partner (PEP).
The Canary Wharf-based giant boosted profits by 8% to £716 million for the financial year ended 30 April 2021, while revenue nudged northwards 1% to reach £1.82 billion. Meanwhile, PEP underwent a healthy uplift of 9% to £1.85 million.
CC said this is the sixth consecutive year of profit and revenue growth, and its strongest set of financials to date, despite the first few months of the year being “significantly affected by Covid-related uncertainty”.
Matthew Layton, Clifford Chance’s global managing partner, said:
“I am hugely proud of what our team has achieved this year. Our goal is always to stand shoulder to shoulder with our clients giving them the very best advice and support on their most complex and business-critical matters; and never has this been more important. Our robust financial performance reflects the value that clients place on that partnership and on the expertise and dedication of our teams.”
Last week, Allen & Overy revealed a whopping 17% jump in PEP to £1.9 million thanks in part thanks in part to “exceptionally high levels of M&A activity”. The firm’s profit before tax rose 19% to £822 million.