CC predicts profit points will bounce back after fall in PEP

At the end of the 2008-09 financial year an equity point at the magic circle firm was worth £8,700, down from £13,200 the previous year.

Sources at the firm said early indications suggest that each equity point will be worth around £11,000 at the end of ­October, which is halfway through the firm’s financial year.

Clifford Chance operates a nine-year lockstep that runs from 40 to 100 points, meaning that at this level its equity spread would theoretically go from around £440,000 to £1.1m. At the 2008-09 year-end the ­equity spread was £350,000-£870,000.