Magic circle firm Clifford Chance has announced an increase in profits despite a tumultuous final quarter, in its strongest set of financial results to date.
Figures for the year ending 30 April 2020 show a 5% increase in partnership profit – which now stands at £666m – and a 6% rise in revenue, from £1.69bn to £1.8bn. Profit per equity partner grew by 5% year on year to £1.69m.
The firm said all regions and practices saw income and profit rise, with the Americas experiencing the most growth. It added that given the 'ongoing and unpredictable' consequences of the pandemic at the end of the financial year, it has decided to take a provision against the FY20 profits distributable to partners.
Global managing partner Matthew Layton said: 'In 2015 we put our vision to be the global law firm of choice at the core of all we do. Since then, we have made excellent progress against our goals by taking a long term view and making strategic investments in our business while remaining agile and adaptable.
'I am very pleased that, over the five year period of our strategy, we have seen strong profitable growth across all our regions.'
Last week, rivals Allen & Overy and Linklaters reported a dip in profit and PEP.