Clifford Chance reveals rising profits amid downturn

updated on 26 August 2020

Magic circle firm Clifford Chance has revealed its strongest set of financial results as the firm’s profits increase despite a volatile final quarter.

There was a 5% growth in partner profit for the year ending 30 April 2020 (£666 million), alongside a 6% rise in revenue from £1.69 billion to £1.8 billion, and a 5% year-on-year increase in profit per equity partner to £1.69 million.

While the Americas experienced the most growth, Clifford Chance confirmed that all regions and practices saw a rise in income and profit. The firm has decided to make a provision in respect of its 2020 financial year profits distributable to partners as a result of the “ongoing and unpredictable” consequences of covid-19.

Matthew Layton, the firm’s global managing partner, said: “In 2015 we put our vision to be the global law firm of choice at the core of all we do. Since then, we have made excellent progress against our goals by taking a long-term view and making strategic investments in our business while remaining agile and adaptable.

“I am very pleased that, over the five-year period of our strategy, we have seen strong profitable growth across all our regions.”