Clifford Chance

Clifford Chance announces its results for the year ended 30 April 2016

New strategy delivers strong financial results

• Revenues of GBP 1,386 million, the firm's highest ever, representing growth of 3%
• Strong growth in Americas 13% and Asia Pacific 9%
• Partnership profit was GBP 494 million, 10% higher than the previous financial year
• Profit per equity partner was GBP 1.23 million, 10% higher than the previous financial year, and the firm's strongest performance to date
• In Euros, these figures are equivalent to revenues of EUR 1,884 million, profit EUR 671 million, profit per equity partner EUR 1.67 million
• In US Dollars, these figures are equivalent to revenues of USD 2,078 million, profit USD 741 million, profit per equity partner USD 1.84 million.

Matthew Layton, Clifford Chance Managing Partner commented:

"These numbers reflect the firm's strong progress against the strategy we set out 18 months ago. They are the result of focusing on work where our platform and expertise brings real value to clients, on teamwork, collaboration and ensuring that we constantly look for ways to work smarter. For clients, our emphasis is on delivering high quality outcomes founded on a deep understanding of their business objectives and addressing an increasing need for efficiency and value.

The core purpose of our firm is to help clients navigate their most complex and business-critical challenges, using our expertise across geographies, practices and sectors to secure successful outcomes. The UK's decision to leave the EU makes this advice and support all the more valuable. The Referendum presages a period of further volatility and ambiguity for organisations that were already facing significant uncertainties driven by political change and social dislocation around the world. Clients are now – more than ever - confronted with complex challenges that defy neat classifications and are in need of solutions and guidance that draws on a comprehensive understanding of the relevant issues from Brussels to Beijing.

While I don't expect the period ahead to be easy, I am confident that our firm has the capability, quality, platform and commitment to achieve our vision of being the global law firm of choice for our clients."

Notes:

• Partnership profit is calculated after remuneration of non equity partners and excludes the cost of profit related annuities payable to partners.
  
  
• The exchange rates used to determine the US Dollar and Euro equivalent figures are USD 1.50/GBP 1 and EUR 1.36/GBP 1,which are the average annual exchange rates for the year ended 30 April 2016.