Clifford Chance has missed budget for the first six months of this year, but has still recorded a turnover figure well up on last year's.
The firm billed £490m for the first half of the year, an increase of 10 per cent on the same period last year. But the budget was nearer £530m, so the results fell 7.5 per cent short of the target. The London office's turnover is understood to have made up just under half of the total, at around £210m between May and October. Profits were also below what partners were expecting - sources say that they are running at around 8 per cent below budget. According to The Lawyer 100, partners at Clifford Chance took home an average of £721,000 for the year 2000-2001. Partners at the top of equity bagged £855,000 each, and the firm's turnover for the year hit a record £937m. These are the first major law firm results to be revealed since the market divebombed after the terrorist attacks on the US, and show that predictions of doom may have been unwarranted. The six-month period covered includes around six weeks after 11 September, when billing fell dramatically for most firms.