Clifford Chance has posted a 4.5 per cent drop in revenue for Germany ahead of the firm’s announcement of its global financial results next week.
The firm’s turnover for its three offices in Frankfurt, Düsseldorf and Munich has fallen from €198m in 2011/12 to €189m (£161m) in 2012/13, compared with €193.8m in 2010/11 and €179.5m in 2009/10 (23 June 2011).
The fee figure for the financial year to 30 April means its revenue per lawyer figure in Germany has dropped 3 per cent to €572,727 (£486,750) for 2012/13, down from €589,286 in 2011/12.
This is based on a 2 per cent decrease in the magic circle firm’s lawyer headcount in Germany, including partners, from 336 in 2011/12 to 330 in 2012/13.
One factor contributing to the revenue drop is the state of the German M&A market, which has seen an increase in deal volume but a general drop in overall transaction value.
Clifford Chance is set to unveil revenue and profit figures for its global network next Monday (8 July), with Asia-Pacific growth last year helping the firm post a 7 per cent increase in both revenue and average profit per equity partner (PEP) (3 July 2012).
Global fee income in 2011/12 was £1.303bn, with PEP at £1.1m and partnership profit at £431m.
Of its 20-strong partnership promotion round this year, three new partners were in Germany – two in Frankfurt and one in Düsseldorf (29 April 2013).