Clifford Chance posts turnover hike on back of strong Asia-Pacific growth

Clifford Chance has announced a 7 per cent increase in both revenue and average profit per equity partner (PEP), becoming the second magic circle firm to post a small hike in fee income.

David Childs
David Childs

The firm brought in £1.303bn in the 2011-12 financial year, up on £1.219bn in 2010-11, while PEP rose from £1.005m to £1.1m. Partnership profit rose 13 per cent from £381m to £431m.

Last year PEP hit £1m for the first time since 2007-08 (5 July 2011).

The Asia-Pacific practice saw the largest revenue growth, with the figure rising 28 per cent to £185m. Global managing partner David Childs said the firm still aimed to hit its target of £250m in the region by 2014, an aim set out last year (16 February 2011).

UK turnover rose by 3 per cent to £443m, the joint weakest regional performance alongside the Americas, where income rose by 3 per cent to £144m.

Revenue in Continental Europe jumped by 5 per cent to £492m, while the Middle East practice grew by 6 per cent.

Childs said the firm had a £120m positive cash position and that costs rose by 4 per cent in the past financial year on the back of a swelling of headcount from 3,200 to 3,400 fee-earners globally.

He said in a statement: “All regions experienced growth, with our litigation and dispute resolution practice and Asia-Pacific operations enjoying a particularly good year.”