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Clifford Chance’s revenues have slumped for the third year in a row, with gross fees down to £915m. However, the magic circle firm has posted a profit rise of almost 15 per cent for the last financial year, suggesting that its war on costs has paid dividends. The firm’s provisional results show average profit per equity partner (PEP) at £644,000, up 14.6 per cent on the previous year’s £562,000. The results indicate the firm has clawed back from a dismal 2003/2004, when profits collapsed by more than 13 per cent. The firm attributed the revenue slump to the departure of a swathe of New York rainmakers and the closure of a number of offices. The PEP results indicate the success of Clifford Chance’s ongoing cost-cutting drive, initiated by chief operating officer David Childs. The push on costs has included centralising all internal business services including HR, IT, property management and global procurement as well as closing the Berlin office and significantly downsizing the US west coast presence.