Profits leap at Clifford Chance
Magic circle firm Clifford Chance says it has defied market uncertainty to post a ‘strong performance’ for the last financial year.
The firm today said that its 2011/12 profits leaped by 13% to £431m while revenues rose by 7% to £1.3bn. Profit per equity partner was up by 7%, rising from £1m in 2010/11 to £1.07m last year. In 2010/2011 revenues crept up by just 2%.
The biggest driver for growth appears to have been markets in the Asia Pacific region, where performance in China, Singapore and Australia drove revenues up by 28%. The region has acted as a buffer during continued upheaval in markets affected by the Eurozone crisis, managing partner David Childs said.
‘We are pleased with our strong performance last year, particularly against the backdrop of continued uncertainties in the Eurozone which have affected clients and markets globally.
‘All regions experienced growth, with our litigation and dispute resolution practice and Asia Pacific operations enjoying a particularly good year.’
The firm now has 34 offices in 24 countries, employing around 3,400 legal advisers in total.
The announcement comes on the back of a financial statement earlier today by Allen & Overy, with fellow magic circle firms Freshfields and Linklaters expected to reveal their figures later this week.