Magic circle firm Clifford Chance posted a 10% rise in profit per equity partner (PEP) in 2015-16 – but has warned of a period of volatility ahead.

The rise pushed PEP to £1.23m in the year ending 30 April 2016, while pre-tax profits also rose 10% to £494m. Revenues hit an all-time high of £1.39bn, a 3% rise on 2014-15. 

The firm attributed the increases to a 13% rise in income in the Americas and a 9% increase in Asia Pacific.

Matthew Layton (pictured), managing partner at Clifford Chance said: ‘These numbers reflect the firm’s strong progress against the strategy we set out 18 months ago. 

‘They are the result of focusing on work where our platform and expertise brings real value to clients, on teamwork, collaboration and ensuring that we constantly look for ways to work smarter.’

But he warned that the EU referendum presages a period of ‘further volatility and ambiguity’ in an already uncertain market.

Layton said: ‘Clients are now - more than ever - confronted with complex challenges that defy neat classifications and are in need of solutions and guidance that draws on a comprehensive understanding of the relevant issues from Brussels to Beijing.

‘While I don’t expect the period ahead to be easy, I am confident that our firm has the capability, quality, platform and commitment to achieve our vision of being the global law firm of choice for clients.’