5 July 2017
Clifford Chance announces its results for the year ended 30 April 2017: Client-driven strategy delivers growing momentum and the firm's strongest performance yet
- Revenues of GBP 1,540 million, representing growth of 11%
- Partnership profit was GBP 554 million, 12% higher than the previous financial year, and a 23% improvement over the two year period
- Profit per equity partner was GBP 1.375 million, 12% higher than the previous financial year, and a 23% improvement over the two year period
- On a like for like basis, excluding the impact of exchange rates and one-off items, revenues increased by 2% and partnership profit by 8.5%
- In Euros, these figures are equivalent to revenues of EUR 1,832 million, profit EUR 659 million, profit per equity partner EUR 1.636 million
- In US Dollars, these figures are equivalent to revenues of USD 2,002 million, profit USD 720 million, profit per equity partner USD 1.788 million.
Strategy into action: focusing our international capabilities
- Aligning resource with client needs in growth markets
- e.g. Asia Pacific - long-term investment in our Asia Pacific region resulted in 23% revenue growth year on year, driven increasingly by our dynamic practices in Greater China and Singapore, acting as a hub for South East Asia
- Maximising the combined impact of our top-tier positions across geographies and product areas
- e.g. One Belt One Road – bringing together our well-established relationships with Chinese clients and deep expertise across the wider Asia region, Europe, the Middle East and Africa to support a series of landmark outbound investments across power, infrastructure and financial markets, as well as establishing our position as a leading advisor on the internationalisation of the RMB
- e.g. Brexit - deploying our unmatched positions across financial regulation, trade and public policy in London and in Continental Europe to secure a significant number of transformative Brexit mandates for major businesses; resilient London practice showed a 4% increase in revenue over last year
- Continued investment in priority markets
- e.g. Americas - nine lateral partner hires in the Americas in just over a year in areas targeted for further growth, including regulatory enforcement, cyber security, funds and M&A
- Over the past two financial years, since the launch of the firm's new strategy, our Americas and Asia Pacific practices increased sterling revenues by 30% and 35% respectively, against a firm-wide backdrop of 14% topline growth and 23% improvement in profit. These results are against a context of challenging market conditions characterised by significant levels of uncertainty and instability in the global economic and political landscape.
Matthew Layton, Clifford Chance Managing Partner commented:
Our significant progress over the past two years underlines the momentum behind our client-driven strategy. These results are underpinned by our increasingly successful drive to focus our resources and investment where they deliver the greatest value and best outcomes to our clients.
We operate in a fiercely competitive market that is undergoing change on an unprecedented level. And the same is true for many of our clients. As a result, we know that they come to us with high expectations. These are not just about quality, insight and service, though they are of course fundamental. Clients are also looking for a true partnership; for a firm that will work side by side with them to find creative solutions for their most complex challenges and that has the commitment and capacity to invest in skills, in expertise, in processes, in technology and – most critically – in relationships. Measuring up against these expectations is fundamental to our success.
I am immensely grateful for the continuing trust that our clients place in us. I am confident that by always placing their needs at the heart of the firm, we will achieve our vision of becoming the global law firm of choice for the world's leading businesses of today and tomorrow.