The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Clifford Chance has announced a 7 per cent increase in both revenue and average profit per equity partner (PEP), becoming the second magic circle firm to post a small hike in fee income.
The firm brought in £1.303bn in the 2011-12 financial year, up on £1.219bn in 2010-11, while PEP rose from £1.005m to £1.1m. Partnership profit rose 13 per cent from £381m to £431m.
Last year PEP hit £1m for the first time since 2007-08 (5 July 2011).
The Asia-Pacific practice saw the largest revenue growth, with the figure rising 28 per cent to £185m. Global managing partner David Childs said the firm still aimed to hit its target of £250m in the region by 2014, an aim set out last year (16 February 2011).
UK turnover rose by 3 per cent to £443m, the joint weakest regional performance alongside the Americas, where income rose by 3 per cent to £144m.
Revenue in Continental Europe jumped by 5 per cent to £492m, while the Middle East practice grew by 6 per cent.
Childs said the firm had a £120m positive cash position and that costs rose by 4 per cent in the past financial year on the back of a swelling of headcount from 3,200 to 3,400 fee-earners globally.
He said in a statement: “All regions experienced growth, with our litigation and dispute resolution practice and Asia-Pacific operations enjoying a particularly good year.”