Partners at Clifford Chance shared £477 million last year with the most senior group of lawyers claiming a share of £16m in what was a fairly strong year for the magic circle firm.
Figures for the year ending 30 April 2017 show pre-tax profits of £532m, an 8% increase on the previous year’s figure (£489m). Revenue was up 11%,from £1.3bn to £1.5 billion. However, the firm noted that these figures partly reflected the fall in the pound: excluding the effect of exchange rates, revenue grew by only 2%.
According to the document, posted at Companies House last month, the firm has 568 partners. The executive leadership group, consisting of 13 partners, shared £16m, up from £15m, the previous year.
The report notes that the firm’s net obligation to its now-closed defined benefit pension scheme has risen sharply. Net obligation now stands at £341 million, up from £180m in 2016. The firm said it aims to eliminate the deficit by 31 May 2026 and that employers would be required to fork out £17m in contributions for the year ending 30 April 2018. The defined-benefit scheme was closed to new members in 2005.