Clifford Chance turnover up 11 per cent” />Clifford Chance is the first magic circle firm to announce its financial figures for the 2007-08 year, posting an 11 per cent revenue increase and 13 per cent rise in profit per equity partner (PEP).
Over the course of the year the firm turned over £1.33bn, up from £1.19bn last year, while PEP rose from £1.02m to £1.15m.
This is a slowdown in the rate of growth experienced at the firm last year, when revenues rose by 15 per cent and PEP by 25 per cent (The Lawyer, 29 May 2007)
Global managing partner David Childs said this year’s figures were robust given that market conditions worsened during the second half of the year.
Geographically, Childs said Asia, the Middle East and central and eastern Europe performed particularly strongly over the course of the year.
“We continue to invest in these regions, as evidenced by opening new offices in Abu Dhabi and Kiev this year,” he said.
“I am confident that the firm is well positioned for the less favourable market conditions that we are likely to face during the current financial year.”
For more on the financial results at all the top firms as they come in, see our Top of the PEPs 2008 blog here