Clifford Chance reports 25% increase in PEP after cutting ranks
Clifford Chance has reported that profit per equity partner shot up to £933,000 last year – an increase of 25 per cent on the previous year, when profit per equity partner came to £733,000.
The hike in pay for equity partners can be attributed to a 10 per cent reduction in costs – with the firm taking the shears to both the partner and non-partner ranks – and a 13 per cent rise in overall profits.
The restructuring saw the firm’s partnership decrease from 637 to 562, while overall staff numbers dropped by more than 800 through the year.
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