Clifford Chance PEP rockets 25 per cent to hit £1m

Clifford Chance has seen its average profit per equity partner (PEP) break £1m for the first time.

PEP has increased by 25 per cent in the last year, from £814,000 last year to £1.015m this year.

Managing partner David Childs said: “This progress is true testament to the hard work and high calibre of our people everywhere in our network and the strength of our client relationships.”

The magic circle firm’s provisional figures, which will be finalised in July once they have been audited, shows that revenue increased by 16 per cent from £1.029bn to £1.194bn.

Clifford Chance said that excluding the effect of exchange rate changes, underlying growth was 18 per cent.

Childs added: “Each of our regions in Asia, Europe and the Americas has performed extremely well and, given current market conditions, we are well positioned to achieve future growth.”