Clifford Chance reports 25% increase in PEP after cutting ranks

October 13, 2010 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.

Read more at www.cityam.com.

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