Clifford Chance’s LLP accounts have shown the extent of the staff cuts the firm made during 2009-10, with the total number of employees falling by 12 per cent.
The average number of employees at the magic circle firm fell from 7,147 to 6,309 during the 2009-10 financial year, according to accounts filed with Companies House.
The decline in headcount was spread fairly evenly among partners, associates, trainees and support staff. Partner numbers fell by 12 per cent, associate numbers saw a 13 per cent decline, while trainees and support staff each fell by 11 per cent.
The cuts resulted in a saving of £41m compared with 2008-09. Staff and related costs stood at £535m in 2009-10 and £576m the previous year.
Firmwide revenue fell from £1.262bn to £1.197bn over the same period, a fall of 5 per cent. Profits available for distribution to full equity partners increased by 19 per cent, going from £234m to £278 over the 12 months to 30 April 2010.