Clifford Chance loses global top spot to Skadden

As expected, Clifford Chance has lost its position as the world's biggest law firm to US rival Skadden, Arps, Slate, Meagher & Flom. The Magic Circle firm has reported a fall of revenues by 5% to £1.26 billion in the financial year ending in April, meaning that US giant Skadden now takes the top spot with a turnover of $2.2 billion (£1.33 billion) in 2008. Clifford Chance also saw its earnings per equity partner (PEP) falling to £733,000, down from £1,156,000, as its major banking and corporate clients were hit by the global financial crisis. According to legal experts this is indicative of the shift in legal power from London back to New York.

Clifford Chance loses global top spot to Skadden thisislondon.co.uk Fri, Jul 3, 2009