What better way to kick off a management stint at a top UK firm than to give partners the good news that revenue, net profit and PEP have reached an all-time high?
Today Clifford Chance became the first magic circle firm to reveal its figures – turnover up 7 per cent to £1.359bn, net profit up 14 per cent to £459m and PEP climbing 16 per cent to £1.14m. Hurrahs all round.
But that is only part of the story. It hasn’t been all plain sailing for Clifford Chance over the last 12 months. In January it was in the High Court defending a £130m professional negligence claim – the case went on to to settle in March.
There have also been some high-profile departures. Clifford Chance has been a fruitful source of new talent for Latham & Watkins in London – three partners quit the firm’s private equity practice for the US firm in 2013/14, including Kem Ihenacho. Partner Guy Norman, who was parachuted in as corporate head in February, is now steering the ship.
It will be another week until we can put the figures into a wider magic circle context. Allen & Overy is expected to publish tomorrow, and Linklaters and Freshfields next week. Keep up to date with all the latest figures with our revenue table, updated weekly.
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