Magic circle firm Clifford Chance has become the latest international firm to report annual results boosted by currency fluctuations.
The Canary Wharf based firm reported £1.5bn in revenue for the year ending 30 April 2017, an 11% rise, together with a 12% rise in profit per equity partner.
The firm said the PEP of £1.3 million was 12% higher than the previous financial year, and a 23% improvement over a two year period.
However, it noted that in real terms ‘excluding the impact of exchange rates and one-off items’ revenues increased by 2% and partnership profit by 8.5%. International firm Pinsent Masons also said currency fluctations contributed to a higher turnover.
Those figures however still put it ahead of its magic circle counterpart Freshfields Bruckhaus Deringer which earlier this week reported a fall in net profit on the back of flat income for 2016/17.
In the year to 30 April revenue climbed £3m (0.3%) to £1.33bn, while net income dipped £5m (-0.8%) to £612m.
Profit per equity partner rose by £74,000 (5%) to £1.547m.
National firm Weightmans also released its figures today showing a rise in profits. The firm said its profits were up 21% to £11m in what it said was ‘a year of great change and growth’.