Clifford Chance may have suffered from a fall in partnership profits, but it hasn’t prevented the partners taking home £1 million each.
Their profits are not quite what some of the Magic Circle firm’s rivals are making, with Linklaters partners taking more than £1.3 million in the financial year, and Freshfields partners taking home an extra £82,000 each to take their pay to £1.4 million.
The Evening Standard reports that Clifford Chance advised and acted on cases including Glencore’s acquisition of rival Xstrata, the Qatari bid for the 2022 FIFA World Cup, a string of Libor-related cases and the Autonomy dispute during the 12 months. But it still saw revenues flat at £1.3 million. Profit per equity partner was £1 million — down 9% on the previous financial year.
Clifford Chance managing partner David Childs described the results as “solid”, adding: “Given the difficult operating environment for many of our clients and the depressed transactional markets, we are pleased to have maintained revenues last year. We are living through an extended period of choppy conditions in global markets.”
Childs added that the busiest departments were global litigation and dispute resolution while the banking division “continued to flourish”.
Clifford Chance posted flat revenues and a 6% fall in partnership profit overall.