Clifford Chance posts turnover hike on back of strong Asia-Pacific growth
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.
David Childs
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.”
Readers' comments (4)
Anon | 3-Jul-2012 2:16 pm
And how is a 5 per cent rise in turnover in Continental Europe a jump? In real terms it is barely an increase at all.
Still these are reasonable figures, and show that growth in Asia Pacific is imperative.
America's is badly sub scale at £144m and it is hard to see how that will change without a merger.
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Anonymous | 3-Jul-2012 3:10 pm
Funny thing is they already did a US merger. Remember Rogers & Wells?
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Anonymous | 4-Jul-2012 11:51 am
Asia-Pacific growth in revenue; could this be simply a function of buying firms in Sydney and Perth? Both those offices have sunstantial equity. So has the revenue resulted in increased profit per unit (or cash in pocket) for CC partners?
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Anon | 4-Jul-2012 2:06 pm
@ Anonymous | 3-Jul-2012 3:10 pm - No reason that they can't do another one (or more). Should pick higher quality firm(s) next time though...
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