Clifford Chance reports 2.5% dip in revenue
Clifford Chance is the last of the UK magic circle firms to announce its financial results for 2012-13, reporting a 2.5 per cent drop in revenue and a 9 per cent drop in profits per equity partner.
Revenues came in at £1.271bn, down from £1.303bn last year, and profit per equity partner was down to £1m, after the number of equity partners rose from 400 to 411 over the year.
Clifford Chance still brings in the most revenue among magic circle firms, ahead of Freshfields Bruckhaus Deringer’s revenue of £1.22bn.
The firm’s managing partner, David Childs, said: “This is a solid set of results. Given the difficult operating environment for many of our clients and the depressed transactional markets, we are pleased to have maintained revenues last year.
“We are living through an extended period of choppy conditions in global markets. However, our continued investment across geographies and practices has given us a broad-based business with the resilience to weather this volatility, as shown by our results over recent years as well as the major mandates and awards that we have been proud to win.”