Record profits for CC

Clifford Chance has unveiled record results for the first full financial year following its three-way merger with US and German firms.Its 938 million revenues - which put the firm 130 million ahead of the top-earning US firm, Skadden Arps Slate Meagher & Flom - are a 24% increase on the aggregate turnover of the three predecessor firms in 1999/2000 and beat by 10% the 853 million revenue target Clifford Chance set at the beginning of last year.Profits per partner rose by 8%, from 670,000 to 721,000.

The firm has had to cope with the at times tricky transition of its US and German partners to its lockstep system.Revenues per fee earner grew by 14% to 324,000 in a year when the number of fee-earners increased by 850 to 3,550.The firm said revenues from 58 of its top 100 clients grew by more than 50%.The regional breakdown saw UK revenue rise 26% to 405 million, US income grow 26% to 233 million, European revenue up 19% to 236 million, and Asia income increase 34% to 64 million.Michael Bray, Clifford Chance's chief executive officer, said: 'Market conditions remain uncertain but we are bullish about the future.

Our results show that we've built a strong platform for long-term success - it is now up to us to deliver to clients the full potential of our global capability.'