updated on 01 August 2023
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Magic circle firm Clifford Chance has ruled out a merger after the firm’s revenue exceeded £2 billion for the first time.
Charles Adams, Clifford Chance’s global managing partner, said the firm will instead pursue “a strategy of steady and confident growth”.
Clifford Chance’s revenue came in at £2.06 billion, a 5% increase from last year, with a partner profit of £781 million. The firm’s partner profit is down in comparison to last year, as is the profit per equity partner from £2.04 million to £2 million.
This slight decrease is attributed to a slowdown in corporate takeovers. Adams also attributed the downturn to the firm’s commitment to paying newly qualified lawyers’ higher salaries, stating “we’ve got to continue to be competitive by being able to match the salaries of US law firms”.
Rival firm Allen & Overy LLP (A&O) also reported revenue in excess of £2 billion for the first time, however A&O has opted for a different growth strategy, announcing earlier this year that the firm is set to merge with US law firm Shearman & Sterling. Partners are set to vote on the $3.4 billion merger later this year.