Magic circle firm Clifford Chance today reported large increases in its overall partnership profit and profit per equity partner (PEP) in the year to 30 April – a year it says has produced its strongest results to date.
Partnership profit was up 13% to £626m while PEP is at £1.6m, an increase of 16%. Turnover was £1.6bn.
Global managing partner Matthew Layton said the firm had made ‘cumulative progress’ since it implemented a new strategy three years ago. Since 2015 the firm has increased PEP by 43% and overall partnership profit by 39%.
The firm put some of its success down to investments in technology, which it said drives a pace of change that is ‘faster than ever before’. Late last year Clifford Chance set up a 400-strong, multidisciplinary tech group, to help businesses tackle the risks and opportunities of new technology.
Layton added: ‘Overall, these figures are testament to the firm’s unrelenting focus on work where our unrivalled platform and expertise enables us to guide clients through game-changing opportunities and risks. Aligning with clients around this agenda is essential. I see huge potential for us to use our collaborative culture and deepening skills and expertise in this area to set new benchmarks for the industry.’