MC player reports positive numbers despite “signs of a slowdown in some markets”
Clifford Chance has reported 8% uptick in revenues and pushed average profit per equity partner (PEP) above £2 million for the first time.
The positive numbers come despite what Charles Adams, the firm’s newly-installed global managing partner, described as “signs of a slowdown in some markets”.
The Magic Circle player saw revenues hit £1.96 billion for the year ended 30 April 2022, with its UK operations accounting for over a third of this at £687 million. Partner profits climbed 9% to £789 million while PEP hit £2.04 million, marking an increase of 10% on the previous year.
CC went on to cite a combination of “robust revenues, prudent cost management and increased emphasis on financial and commercial discipline” for ending the financial year with £376 million in cash and no net borrowings.
Adams, who took over the top role from Matthew Layton on 1 May, said:
“Our team has delivered another outstanding year of results. We are seeing the positive outcome of our long-term strategic focus to diversify our client base, continually increase our market share and grow in priority geographies such as the Americas. These results are a testament to Matthew Layton’s leadership as the previous Global Managing Partner, as well as the energy, dedication, teamwork and phenomenal expertise of all our colleagues. It is because of this that, profit per equity partner increased by 10% year on year to in excess of £2m.”
The Milan-based banking and finance specialist continued: “Clients are at the heart of everything we do. To serve them better, we continue to prioritise our global focus. Despite geopolitical uncertainty and signs of a slowdown in some markets, all our regions grew in income and net profit”.
Clifford Chance is only the second MC outfit to go public with its results so far. Last week Allen & Overy recorded a 3% bump in PEP to £1.95 million and 10% increase in revenues £1.94 billion, thanks in part to what the firm described as “exceptional” growth in the US.