Clifford Chance’s London office has outperformed every other region at the firm, posting a 7.7 per cent revenue hike.
Last year, London posted turnover of £415.8m, representing 45 per cent of the firm’s £915m global total, compared with the previous year, when London revenue stood at £386m.
London, which also incorporates Dubai, contributed 45 per cent of the firm’s total turnover, with the rest of Europe contributing 33 per cent, the US 15 per cent and Asia 7 per cent.
Partner losses in the firm’s US operation saw turnover dip to £138.6m. As a percentage of the global total, this is down from around a quarter in 2003-04.
The German operation also posted a turnover dip of 2.5 per cent, with revenues falling from £105.6m in 2004 to £103m in 2005.
As first revealed on www.thelawyer.com (23 May 2005), global revenues at the magic circle firm slumped for the third year running, with gross fees falling to £915m. However, Clifford Chance posted a profit rise of almost 15 per cent, suggesting that the war on costs, instigated by chief operating officer David Childs, has paid dividends.