Magic circle firm Clifford Chance is celebrating eight consecutive years of growth with turnover exceeding £2bn for the first time. However financial results for the year to 30 April announced today suggest that profits remain ‘in line’ with the previous year.
The financial summary released this morning shows revenues of £2.06bn, 5% up on 2021-22. Partnership profit - after remuneration of non-equity partners, was £781m, in line with the previous year. Profit per equity partner (PEP) was £2m, also in line with the prior year, the firm said.
The results are the latest to suggest a slowdown in growth at elite City firms, related to a slump in M&A activity. Clifford Chance announced earlier this year that its pre-tax profits in the year to 30 April 2022 rose 17.3% to £812m; turnover in that year rose 7.7% to £1.969m.
Charles Adams, global managing partner, said: 'Despite a year of subdued M&A activity across the industry, our transactional teams maintained positive momentum buoyed in part by an active tech sector and private capital fund raising. Demand for our global advisory expertise was robust. We experienced significant growth in our global litigation and disputes resolution practice as well as our regulatory investigations business. Our overall strong performance is testament to the dedication and expertise of our talented global team and their commitment to deliver excellence for our clients.'
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