Firm economics for the magic circle

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David Childs

Clifford Chance posts 25 per cent PEP uplift

Clifford Chance has boosted its average profit per equity partner (PEP) figure by 25 per cent in the past financial year, posting what managing partner David Childs described as a “strong set of results in difficult market conditions”. Total revenue at the magic circle firm was £1.2bn for 2009-10, a 5 per cent decline against […]

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Lovells posts turnover rise in last year as unmerged firm

Hogan Lovells legacy firm Lovells saw a marginal increase in turnover in the 2009-10 financial year. Revenues rose 2 per cent to £542m, up from £531m in the 2008-09 financial year. Lovells merged with US firm Hogan & Hartson on 1 May. When its 2009-10 turnover figure is added to Hogan’s 2009 figure the merged […]

A&O turns to Allens Arthur for Aussie partner hire

Allen & Overy has hired an energy partner for its Australian operation, the 19th partner for its fledgling offices in Perth and Sydney. Angus Jones, whose practice focuses on liquefied natural gas, renewable energy and mining projects, joins the Perth office from national firm Allens Arthur Robinson. A&O Perth managing parter Geoff Simpson said: “The […]

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Every silver lining…

You might be forgiven for thinking that the worst of the recession is over, given some of the rebounds in financials we’ve seen this year. Most notably, there’s been a remarkable improvement in the fortunes of three firms that had been faltering badly: LG increased net profit by 81 per cent; Denton Wilde Sapte (DWS) […]

Beginning to CC the light

Another day, another set of magic circle financial results to interpret. This time it’s the good people of Clifford Chance who take centre stage (see story). The headline figure, as no doubt trumpeted loud and proud from the rooftops around Canary Wharf this afternoon, is a 25 per cent hike in PEP. Turnover is still […]

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