Clifford Chance posts 8% revenue growth during US expansion
British law firm Clifford Chance made around 2 billion pounds ($2.4 billion) in revenue in its last financial year, up 8% from the previous period, the firm said on Tuesday.
Two-thirds of revenue in the year ending April 30 came from UK and European customers, with the US accounting for 13% of the company’s revenue, Clifford Chance said in a statement.
Profit per partner, a key metric for law firms, rose 10% to just over 2 million pounds ($2.4 million), global managing partner Charles Adams said.
The company’s client portfolio “has generated revenue growth across all practice areas,” Adams said. “We have now seen a near doubling of income from financial investors over the past seven years.”
Magic Circle has grown in the United States, now with over 300 lawyers in the Americas, with a focus on investment fund management. The business grew 5% in the Americas over the prior year, Clifford Chance said.
The company’s business advisory practices, as well as the global capital markets team contributed to the overall growth, Adams said.
Profit from the company’s partnership has increased 74% since 2015, according to the company. The figure is calculated after compensation for non-shareholder partners and payment of certain partner annuities, Clifford Chance said.
The firm’s clients include UK private equity firm Cinven; US asset management firm Mercer; and Abu Dhabi-headquartered healthcare chain and distribution company NMC Healthcare, Clifford Chance said.