Two magic circle firms have added to the upbeat tone of this year's financial reports season by announcing record profits, turnover - and partner earnings. Clifford Chance and Linklaters both cited US growth as underpinning their 2024-25 performance.
In the year to 30 April, Clifford Chance reported partnership profit up 11% to £944 million, on revenue up 9% to £2.4 billion. Profit per equity partner (PEP) rose to a record £2.11m. The results statement noted 18% revenue growth in the US.
Charles Adams, global managing partner, said: 'Our record results underscore the resilience of our balanced global platform, the diversity of our client base, and the strength of our exceptional team in advising clients on their most complex matters. All regions and practice areas contributed to our strong performance amid macroeconomic headwinds, and our sustained profitable growth has enabled continued investment in talent and operations, positioning our firm for future success.'
Linklaters meanwhile reported pre-tax profits up 14% to £1.08bn, exceeding £1bn for the first time. Revenue grew 11% to £2.32bn 'with a strong performance across all core markets and strategic priority areas', the firm said. Profts in the US grew by 57% on 2024.
Profit per equity partner rose 15% to £2.2m.
Paul Lewis, firmwide managing partner, said: 'We have a clear vision and strategy to put us in the strongest position to win the most complex, cross-border mandates for the world’s leading corporates, banks, funds and financial sponsors. Our FY25 results and our performance in industry league tables, rankings and awards reflect the progress we have made and the strength of our global platform.'
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