His new term, which begins at the end of the current financial year, will run until May 2014.
In a statement Childs (pictured) said his priority over the coming years will be to ensure the firm grasps any opportunities that arise as the markets begin to recover.
“Our willingness to invest for the future has always been a hallmark of the firm and we’ve continued to strengthen our capabilities in core areas of expertise and key geographies even during the downturn,” he added.
“The value of that investment is borne out by the exceptional quality of our client list, of our people and of our international network. I have no doubt that this strategy will ensure that we’ll remain the firm best placed to support the world’s leading organisations as the post-crisis world begins to take shape.”
Clifford Chance, which has a huge exposure to the financial services industry, was particularly hard hit during the last financial year, when its global revenues fell by 5 per cent and average profit per equity partner (PEP) fell by 37 per cent to £733,000 (1 July 2009).
Despite this Childs is regarded by many within the firm as a canny financial manager and was always regarded as a shoo-in for a second term in charge (20 November 2009).
His election comes after a number of key management roles have been replaced following contested elections. Capital markets chief David Bickerton was named as London managing partner after standing against finance head Mark Stewart (9 November 2009) with Andrew Forryan replacing Bickerton in the capital markets role (24 November 2009).
The London job became available after incumbent won an election to become the firm’s next global litigation chief after standing against former Asia litigation chief Denis Brock (7 October 2009).