Clifford Chance revenues top £2bn for the first time as firm rules out merger
Law firm Clifford Chance today reported annual revenues of over £2.06bn, surpassing the £2bn mark for the first time.
Annual profit, however, came in slightly lower at £781m, down from £783m the previous year. Profit per equity partner was £2m.
Charles Adams, Global Managing Partner at Clifford Chance, said the firm delivered another “strong” set of results “amid continued significant geopolitical and economic headwinds”.
“Despite a year of subdued M&A activity across the industry, our transactional teams maintained positive momentum buoyed in part by an active tech sector and private capital fund raising,” Adams said.
“We experienced significant growth in our global litigation and disputes resolution practice as well as our regulatory investigations business,” he added.
The results come after rival firm Allen & Overy also smashed the £2bn annual revenue barrier last week, ahead of its mega merger with Shearman & Sterling.
Asked today whether Clifford Chance was considering such a merger, Adams said the firm wasn’t.
“I can safely say that right now, no, we are not pursuing a deal, and are still confident that the right strategy for Clifford Chance is the one that we’re pursuing,” Adams told the Financial Times.