Clifford Chance

Underlying growth during year of strategic focus at Clifford Chance

Financial Results

• Revenues of GBP 1,350 million¹, representing underlying growth of 3%; taking exchange rates into account, revenues were virtually flat in Sterling
  • These were the firm's second highest ever revenues, with all regions experiencing underlying growth
• Partnership profit was GBP 450 million, 2% lower than the previous financial year
• Profit per equity partner was GBP 1.12 million, 2% lower than the previous financial year
• In Euros, these figures are equivalent to revenues of EUR 1,742 million, profit EUR 581 million, profit per equity partner EUR 1.44 million
• In US Dollars, these figures are equivalent to revenues of USD 2,160 million, profit USD 720 million, profit per equity partner USD 1.79 million.

Strategic focus

• Introduction of a new vision and strategy
• Governance and management changes introduced, streamlining structures and aligning the firm's leadership and partner remuneration with our strategic vision
• Significant reduction in future real estate-related cost base following office move in Paris and subletting of a substantial proportion of London floor space.

Matthew Layton, Clifford Chance Managing Partner commented:

"Our new vision and strategy unites the entire firm behind a renewed focus on doing today what the world's leading businesses will need tomorrow; bringing the right skills, experience and expertise to create value and deliver successful outcomes for clients. With the strategy, we aim to build on our pioneering heritage, tapping into the defining element of our cultural DNA that is all about challenging ourselves and embracing change. By working hand in glove with our clients, and with the combined energy, enthusiasm and professionalism of our people, we intend to set the new benchmark for our sector."