Clifford Chance reports £34m dip in European income
Clifford Chance trimmed its boardroom pay bill last year as dwindling revenues in continental Europe hit performance.
According to newly filed LLP accounts, the 12 members of the magic circle firm's executive leadership group (formerly management committee) shared £14m in the year to 30 April. In 2013/14, 16 members split £20m.
Clifford Chance disclosed last July that profits fell slightly in 2014/15 on income down 0.7% to £1.35bn. The LLP accounts show that at the operating level, profits were unchanged on 2014, at £412m.
The group’s performance in continental Europe appeared to be the key factor in decreasing turnover, with income from the region falling 7% from £503m in 2014 to £469m.
Income from all other regions increased, including the UK, where revenue moved from £469m to £477m. Revenue by region figures show a rise from £195m to £205m in Asia-Pacific; from £40m to £43m in the Middle East; and from £152m to £156m in the Americas.
The firm also noted the effect of exchange rates, without which group revenue would have grown by 3%.
In July the firm revealed profits of £1.12m per equity partner in 2014/15, 2% down on the previous year.
Total headcount increased during the year from 6,072 to 6,217. Partner numbers fell slightly to 569 but the number of trainee lawyers rose almost 7% to 497.
A total of £369m in fees was due from clients as at 30 April 2015, up from £358m at the same point in 2014. Of money owed, £116m was more than 90 days old.
The firm ended the year with cash reserves of £127m, up £17m on a year earlier.